Examiner appointed to Chorus, IN&M sells off stake

The High Court today appointed an examiner to Irish cable operation Princes Holdings, which trades as Chorus.The court heard that the company had debts of €385m.

However, the news that US cable company Liberty Media International has bought Independent News & Media's 50% stake in Choras, has increased Chorus's confidence of its future viability.

The company said today that Liberty Media, which now owns 100% of Chorus, intended to invest in the company when the examinership process was completed and was in talks with bankers to settle Chorus's debts.

Chorus employs 550 people and has a customer base of 200,000. Its chief executive Phil Freedman said it would continue to provide services to customers as usual.

Last week Liberty bought a further 9% voting interest in Rupert Murdoch's News Corp empire. The media giant, headed by tycoon John Malone, now has a 17% stake in News Corp.