TROUBLED shipping group Bell Lines this week docked at the quayside of examinership and awaits a refit to its financial structure. Bell is talking to its bankers and shareholders about an appropriate capital restructuring to keep the business afloat and the appointment of an examiner "will facilitate the orderly restructuring", according to Bell Lines. David Hughes of Ernst & Young has been appointed interim examiner.

Bell Lines, whose ships ply freight between Ireland, Britain and continental Europe, employs 636 people of which 161 jobs are Irish based. The firm is another casualty of the haemorrhage of business caused by the highly competitive pricing policy of the Channel Tunnel's freight shuttle service. The shipper incurred estimated losses of £6 million last year with creditors owed around £20 million but the shipper has a surplus of assets over liabilities of £8 million.

Publicly quoted Irish Continental Group, a 25 per cent shareholder in Bell and carrying losses of £1.5 million on its investment, has written off £1.6 million in the associate Apart from ICG other parties sharing in the losses are two venture capital groups, each with 30 per cent of the equity with Bell's management holding the remaining 15 per cent.