Efforts to secure 550 jobs at Chorus

THE jobs of 550 workers employed by cable television company Chorus could be secured this week if the company’s trade creditors agree to wipe out €8.7m in debts.

Chorus, currently under the protection of a High Court examinership, faces liquidation with a shortfall of €490m if court appointed examiner John McStay’s rescue plan is rejected by creditors at meetings this week.

Creditors, including major banks, the revenue commissioners, TV stations and others face a write-off of just €152m if the rescue plan is accepted.

The company, which is now 100%-owned by Liberty Media of the US following Independent News and Media's pull-out from the company, is planning to go ahead with a €14.5m investment programme, using Liberty funds, if the examiner’s scheme of arrangement finds favour with creditors.