Day-long Petroceltic talks fail to agree deal

A hearing aimed at getting High Court approval for a survival scheme for exploration company Petroceltic has been adjourned after day-long talks over employees concerns about the survival proposals failed to end in agreement.

The hearing will now open today by which time lawyers for the employees said they hoped agreement might be achieved.

All senior staff at Petroceltic had voted against the survival proposals put to them by examiner Michael McAteer at creditors meetings which provided they would get just 5% of monies owed under “change of control” clauses in their contracts. About 30 staff are owed some €3.6m.