A High Court judge has agreed to continue court protection for the companies operating the Cork-Swansea ferry service to allow for finalisation of a survival scheme. Mr Justice Peter Kelly said yesterday he was satisfied to extend the protection period for the companies to January 24th next.
The extension of time was sought by Declan Murphy, for the companies’ examiner Michael McAteer, to allow time for an investment agreement to be signed and a survival scheme put before meetings of creditors.
Fastnet Line Ship Holdings Ltd (100 per cent owned by the West Cork Tourism Co-operative Society Ltd) and related companies operating the ferry service based at Ferry Terminal, Ringaskiddy, Co Cork, secured court protection last month. Later Noel Murphy, chairman of the West Cork Tourism Co-Operative Society, said they had outlined the urgent funding required to secure the future of the service, which will allow them to present a financial proposal to the examiner in early January.
To date €673,000 has been raised by individual donors, customers, shareholders and local businesses, leaving just under €1 million to be raised.