A SUBSTANTIAL British company was prepared to invest in a £4 million package for Munster Electronics Ltd, in examinership, with a premises near Listowel, Co Kerry, the High Court was told yesterday.

An examiner, Mr Jason Sheehy, was appointed to the company on February 17th last on the petition of directors Mr James Donovan, Mr Robert Todd, Mr Paul Kearney and Dr John O'Flaherty. The company has 72 employees.

Yesterday, Mr Michael Cush, counsel for the examiner, said that he was asking that the hearing of the scheme of arrangement be adjourned. He said that a very substantial British company was prepared to invest in a £4 million package.

However, one significant outstanding matter was how much backing the IDA was prepared to give and those negotiations were not yet finalised. Also, the unions had expressed concerned at certain new work practices.

Mr Justice Shanley said that he would extend the period of protection until July 7th.