Irish media company enters KPMG receivership

 

An 171-year-old Irish media company that controls some of the country’s national and regional newspapers and radio stations has gone through a complicated corporate restructuring engineered by KPMG.

Thomas Crosbie Holdings (TCH), which owns national newspaper the Irish Examiner sold the company’s main assets to a new company, Landmark Media investments as part of a complex financial restructuring plan.

While the main assets of TCH will continue to trade under the new arrangement, the Sunday Business Post has received permission from the High Court in Ireland to appoint Michael McAteer of Grant Thornton Ireland as examiner (like an administrator) so it can keep trading. 

If wound up, it would result in €6.5m deficiency to creditors. It currently employs 76 people and 20 to 25 redundancies will be sought, the court heard. 

In a statement on its website, TCH said: “The examiner, if appointed, will formulate a scheme of arrangement to insure the future viability of the newspaper.”

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