Seanad debates
Thursday, 17 October 2002
Adjournment Matters. - Job Losses.
While a recent request for funding was submitted to the shareholders, the additional funding sought would not, even on the basis of the company's plans, have established a viable basis for going forward. Instead, the objective was to enable the company to continue trading for just for a number of months. The company believed it might be possible to dispose of its assets for a higher price at a later stage. The shareholders' consideration of that plan was that it was extremely fragile and even minor shocks would have, yet again, made the company's position untenable. Accordingly, they did not have confidence in the plan and both sides were agreed that the provision of further funding in such circumstances could not be justified.
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