Court set to approve Sunday Business Post survival plan

The High Court will be asked to approve a survival plan for the Sunday Business Post newspaper today.

The examiner put in place to rescue the troubled weekly publication has secured a new investor to take over the business, which employs 76 staff.

It is understood that if the court approves the rescue package proposed by examiner Michael McAteer – investors will inject €750,000 into the Sunday Business Post.

Mr Justice Peter Kelly has made it clear that the survival of the newspaper is not a foregone conclusion.

He will hear details of the plan today.

Under the terms of the deal, certain preferred creditors like the revenue will be paid in full, other types of creditors will take a substantial hit.

Contributors to the newspaper will get 15% of what they are owed.