The pre-pack receivership of the media group which publishes the Irish Examiner continues to reverberate. Yesterday in the High Court, the landlord of the Cork premises which houses the 550 staff of the Irish Examiner and sister papers, sought to repudiate the lease on the building and kick the staff out of the Lapps Quay premises in Cork city centre.
RTE reports “Kilquane [the landlord] has “absolutely no interest” in dealing with IEL given its behaviour to date and “cynical” attitude concerning contractual and leasehold obligations”. Indeed some of Thomas Crosbie Holdings’ other creditors are peeved as well and there is a humdinger scheduled for the High Court from October 2013 when Donagh O’Doherty’s Webprint Limited , the company which had a lucrative contract to print the Examiner and other papers in the TCH stable, will press its case for substantial damages following the repudation of its printing contract in the pre-pack receivership.
So Kilquane Limited, the landlord, is unhappy. But Kilquane Limited is a company owned by Howard Holdings, a major NAMA borrower whose principal Greg Coughlan has fled the country. So, moral umbrage at the pre-pack receivership seems misplaced in this instance.
Yesterday in the High Court, the redoubtable Judge Kelly ordered the dispute to be heard on 8th May 2013 at the Commercial Court.