Shock for investors as ferry suspends sailings

THE passenger ferry company operating the Cork-Swansea route has suspended all sailings after the High Court granted it permission to enter examinership.

The High Court heard the Fastnet companies are insolvent with a deficit of €10.3 million on a going concern basis, rising to about €13.2m in a winding-up scenario.

The news will come as a shock to thousands of small investors in a co-operative which helped launch the Fastnet Line’s first sailing of the MV Julia between the two ports in March 2010.