Paul Cooke, Former Managing Director of The Star
The examiner to the Sunday Business Post has been granted an extension until next Wednesday, by which time he will have finalized a deal to sell the paper as a going concern to a group led by ex Irish Daily Star CEO Paul Cooke and Key Capital.
The High Court was updated on the progress of the examinership today when it heard that a series of creditor meetings had already taken place and that key creditors had voted in favour of the proposed rescue package. It is expected that the examiner, Michael McAteer, will have finalized his negotiations by next Wednesday and he will recommend a plan to the High Court which will need to approve any sale of the assets of the business.
It has been reported that the consortium has agreed to buy the title for €750,000 with pledges of an additional €250,000 expected to follow. It is also understood that staff in the company have been offered a 6% stake in the business in return for productivity-related concessions as well as wage cuts.