Tribune stops printing during receivership

THE Sunday Tribune will not be producing an edition of the newspaper this weekend, or for the duration of its receivership period, it was announced yesterday.

The newspaper went into receivership on Tuesday after its main shareholder and funding partner, Independent News & Media (INM) said it was unwilling to continue lending to the loss-making title.

Immediately, doubt was cast on the prospect of another edition being printed.

Yesterday, Tribune Newspapers stated that — following a review by the receiver, Jim Luby of McStay Luby — it had been decided that “publication of the newspaper, together with its online edition, will be deferred during the sale process”.

It is understood that the lack of any libel insurance at the newspaper was a major stumbling block for the receiver.

Mr Luby has been placed in charge of the publication’s day-to-day running for four weeks; a timeframe in which he will seek to source an investor/buyer for the newspaper. If no buyer is found, the title will cease operating.

Advertisements for the sale will be placed throughout the Irish and British media this week and next. Yesterday’s statement added that staff salaries for February are being paid in full.

The Tribune employs 43 people.

On Tuesday, INM said it was hopeful new investors could be found and that “adequate funding” was in place to keep the title going as a going concern for the next four weeks.

The National Union of Journalists expressed its disappointment, yesterday, at the decision not to print; arguing that it would be easier to sell the title if it was still in circulation and that the upcoming general election could have provided a good showcase for the paper.