‘Post’ deadline for bids passes

The deadline for interested parties to submit bids for the Sunday Business Post to the company’s examiner passed yesterday.

The examiner, Michael McAteer of Grant Thornton, said he could not comment on the bids he had received.

There has been much speculation that at least three serious bids have been made, with a partnership between The Irish Times and Landmark Media Investments, owners of the Irish Examiner, tipped by many commentators as the lead bidder.

However, there are also said to have been bids fronted by former chief executive of Newstalk and the Sunday Tribune, Frank Cronin. It is understood that Mr Cronin is backed by private investors. Another bid, with finance from Key Capital, is understood to be headed up by the former Irish Daily Star director, Paul Cooke.

It is understood that the Sunday Business Post will require between €2m and €3m in restructuring to make the company into a viable proposal.

When placing the company into receivership, Mr Justice Peter Kelly said he was satisfied it had a reasonable prospect of survival. “The Sunday Business Post has been assailed by the gales of the economic storm that has buffeted our shores.”

The company was insolvent, but had been well managed, he added. He said he could think of no reason not to exercise his discretion to appoint an examiner, who can potentially rescue the business.