Fastnet Line investment talks to continue
The examiner appointed to Fastnet Line, which operates the service on behalf of the West Cork Tourism Cooperative Society, was due in the High Court yesterday to present details of a funding rescue package, together with the company’s new business plan.
It followed the decision on Monday by Cork City and County Councils to invest a further €300,000 into the service.
However, the court hearing did not take place as talks continued between the examiner, Michael McAteer, and Enterprise Ireland and Finance Wales.
It is understood the talks centre on hopes Enterprise Ireland will invest €400,000 in the company, with Finance Wales investing up to €800,000.
Kerry County Council is expected to vote on Feb 20 on a decision to invest €100,000.
A spokesman for the cooperative society confirmed last night Fastnet Line spent yesterday engaged in talks with the Irish and Welsh agencies to secure the remaining funding required to save the service.
“Cork-to-Swansea ferry representatives have been permitted by the court-appointed examiner to continue their discussions with both the Irish and Welsh agencies to find a workable funding solution.
“Given the legal constraints of the examinership process, the examiner is bound to wind up negotiations as soon as possible.”
The spokesman said a creditors meeting is likely to be called for next Tuesday, Feb 7.
Fastnet Line’s acting chief executive officer, Pádraic O’Kane, told Cork’s local authorities on Monday the service is worth around €30m to the South West, and £20-£25m (€25-€30m) to the Welsh region.
It is now proposed that the ferry would only operate between April and September, reducing its sailings from 280 to 142.
Since the ferry service resumed in March 2010, it has carried a total of 153,000 passengers. Tickets are already selling for its first sailing from Swansea on March 30.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
