An English sheep- and lamb-slaughtering company is to invest €700,000 as part of an effort to rescue a Co Wexford firm which went into examinership four months ago when it was unable to pay its debts.
Macmine Castle Enterprises Ltd, of Macmine, near Enniscorthy, had been engaged in pig-slaughtering. Under the new arrangement it will be involved in sheep-slaughtering. It had been slaughtering up to 3,000 pigs a week.
Approval for the arrangement was given by Mr Justice Quirke at the High Court yesterday. The court heard that Mr Neil Hughes, an accountant, was appointed examiner to the Macmine company in February, on foot of a petition presented by the company's directors, Mr Rory Dunne and Ms Angela Dunne.
The petition expressed the belief that with sufficient investment to facilitate a scheme of arrangement for the creditors - and despite recent setbacks and significant losses throughout 2002 - the company was capable of survival and of being profitable.
Under the scheme approved yesterday, €700,000 will be invested in the company by Dean Brothers of Lancaster, and a slaughtering facility for sheep will be operated. Some of the assets - a piggery, a bungalow and some stock - are to be sold for €821,000.
Preferential creditors would get 100 per cent of what they were due, the court heard.
