Investors have put up £4.3 million (€5.46 million) in new equity to rescue Cardbase, the D·n Laoghaire-based software company, from examinership. Two of the original investors, ICC Bank and businessman Mr Denis O'Brien, have put up cash along with new investors including a Bank of Ireland venture capital fund and LTG, a British investment fund.

The fresh equity will "take the company through to positive cash flow and profitability for 2002", according to the examiner of the company, Mr Jason Sheehy of BDO Simpson Xavier. Cardbase, which develops credit card software for e-commerce, went into examinership in August with debts of £11.4 million. The number of employees has been cut to 57.

Under the rescue scheme approved by the court yesterday, unsecured creditors owed several million pounds will receive just 10p in the pound. The company's secured creditors have agreed to continue to support it.

Mr Sheehy said the scheme also allowed the original investors to subscribe for new shares at the same prices as the new investors. They include Mr James Osbourne, the former chairman of the company. A group of the original investors known as Calculation Investments - who had invested around £3 million - has been expected to oppose the rescue plan.

Chief executive Mr Brian Kearney will continue in his position, but the firm's founder Mr Aonghus Geraghty has left.

Cardbase got over £600,000 investment from Enterprise Ireland and had agreed funding of £500,000 sterling (€808,000) from the Industrial Development Board to expand its Belfast office prior to going into examinership.