Courts approves scheme for publisher to exit examinership
The High Court has approved a scheme allowing the publishers of the Golden Pages to exit examinership and continue to trade as a going concern, securing the jobs of 73 employees.
Mr Justice Robert Haughton yesterday approved the scheme put together by examiner Neil Hughes in respect of Dublin-based FCR Media Ltd, which publishes the Golden Pages directory, and a related firm, FCR Tech UAB.
FCR Tech UAB is incorporated in Lithuania, and is the Irish-based company’s sole shareholder and holder of the intellectual property rights to the Golden Pages.
Ross Gorman for Mr Hughes told the court there were no objections to the examiner’s scheme, which had secured the approval of the majority of creditors.
The trustees of the firm’s pension scheme, who had at an earlier stage of the examinership process expressed their concern about the situation, were supporting the scheme of arrangement. Revenue was adopting a neutral stance to the application, counsel added.
Counsel also said the publisher had secured fresh investment during the period it was in examinership. The business had employed 103 workers. However as it has decided to cease publishing the print version and focus on its online business, a number of employees who have been working in the printing section had been made redundant. Some 73 jobs have been saved, counsel said.