Creditor says Cappoquin can survive in examinership

Cappoquin Poultry, the debt-ridden Co Waterford chicken processing company, has a reasonable prospect of survival as a going concern, the High Court was told yesterday.

Barrister Ross Gorman, counsel for the largest unsecured creditor, Henry Good Ltd, Kinsale, Co Cork, said it was the view of independent accountant Kieran Wallace of KPMG that the business of CPL could be saved with the protection of the court in examinership.

Mr Gorman told Mr Justice John Cooke that CPL, which directly employs 136 workers and dozens of dependent contractors, had debts totalling €6m, almost €4m of which was owed to Henry Good Ltd.