Courts ap­proves scheme for publisher to exit ex­am­in­er­ship

The Irish Times - Business - - BUSINESS / NEWS - AODHAN O’FAOLAIN

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.

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