THIRTY INVESTORS have expressed an interest in getting involved in the rescue of the companies which publish the Buy and Selladvertising paper, the High Court heard yesterday.

The companies, which the court heard last month were insolvent with debts of €18.3 million, mainly owed to National Irish Bank (NIB), are now being run on a profitable basis, the court was told.

Tom Kavanagh was appointed examiner to the companies, B and S Ltd, Buy and Sell Northern Ireland Ltd and Naldin Ltd, Morehampton Road, Dublin, following an application from the company directors.

Mr Kavanagh had drawn up a “very positive” report on a proposed survival scheme, the court heard.

Bernard Dunleavy, for the examiner, said the turnover and profits of the companies had “greatly exceeded” an assessment by an independent accountant.

The companies had been restructured since the examiner was appointed and were being run on a profitable basis.

The examiner had entered into detailed confidentiality agreements with 30 investors who had expressed an interest in the companies, Mr Dunleavy said. The potential investors have been invited to state the amount they are prepared to invest so they could enter into a preferred bidder process on August 15th.

The chosen bidder must be prepared to enter into an agreement whereby their funds would be put into an escrow (holding) account until just before the examinership process of 70 days was up on September 3rd, the court heard.

Most of the creditors, including NIB, were consenting to this, Mr Dunleavy said.

Ms Justice Mary Laffoy extended time to September 3rd for the examiner to deliver the survival scheme report.