A HIGH Court hearing of a petition for the appointment of an examiner to Celtic Vision Productions Ltd, was adjourned for, one week yesterday. Celtic buys programmes from RTE and others to edit and produce for broadcast on a 24 hour Irish television channel in the United States.
Mr Charles Meehan, counsel for the petitioners, who are directors of the company, sought the adjournment because negotiations between the company and Donegal Ventures, an incorporated company, which is willing to put up working capital during the period of examinership, had not yet concluded.
Mr Justice McCracken, who allowed the adjournment, was told by Mr Meehan it was vital that the company continued trading during the period of examinership. Donegal Ventures is the only secured creditor and it had undertaken to fund the day to day costs during the examinership and to seek new investors.
Last week, Mr Justice McCracken appointed Mr Jason Sheehy, of Cooney Carey Accountants, as interim examiner to Celtic Vision Productions.
The petition, states that since its incorporation in July 1991 the company had accumulated losses of about £3.7 million. The company continued to make £47,000 losses a month. These losses were being incurred even though 12 of the company's employees in Ireland and 10 in the US had been placed on temporary lay off.
The company purchased programmes, principally from RTE but also BBC and other independent producers, for rebroadcast on cable network in Boston. The company in the III was a television channel in its' own right. Viewers of the channel paid a fee through the cable network in the US and the company received 35 per cent of this.
