THE SUNDAY Tribunenewspaper will not be published during its four-week period of receivership, it was confirmed yesterday.
The receiver, Jim Luby of McStay Luby, informed staff of his decision yesterday afternoon. Mr Luby attributed the decision to issues connected with securing libel insurance for the period of the receivership.
A notice on the Sunday Tribunewebsite yesterday said: "Following a review by the Receiver, in consultation with the management of the company, of the financial and risk areas of the Sunday Tribuneit has been decided that publication of the newspaper together with its online edition will be deferred during the sale process.
"February salaries are being paid to ensure that the Sunday Tribune's team of quality journalists, advertising and administrative staff are retained."
Tribune Newspapers plc, which publishes the Sunday title, was placed into receivership on Tuesday after Independent News Media (INM) withdrew its financial backing.
IN&M, which owns 29.9 per cent of the company, is owed about €40 million and the paper is losing about €2.7 million a year. It informed the Tribune’s board on Tuesday that it was no longer willing to support the company financially.
Speaking to The Irish Timesyesterday, Mr Luby said the Sunday Tribunewould be advertised for sale as a going concern in five national media outlets in the coming days. Ads will be placed in The Irish Times,the Guardian,the Financial Times, the Sunday Business Postand the Irish Independent.
“We will see what interest there is. We’ll give it every chance,” Mr Luby said.
He said the newspaper, which was first published in 1980, would have made a loss over the next four weeks if it had continued to be published. The newspaper’s 43 staff remain employed by the company and will have their wages paid by IN&M until February 28th.
Sunday Tribuneeditor Noirin Hegarty said yesterday it was awful that the paper would not be published in the run-up to the general election.
A number of staff said they had been always aware the financial support of IN&M – in place since 1992 – could be withdrawn at any time but they had hoped the paper would continue to be published, even while the receiver was seeking a buyer.
“Nothing prepares you for it. It is a horrible shock,” Hegarty said. Staff will continue to be paid for February but without “real” work the only point in turning up would be social, she added.
Staff arrived to the offices yesterday to discover that the daily purchase of other newspapers had been stopped.
Séamus Dooley, Irish secretary of the NUJ, said the union had been informed the paper would be advertised as a going concern, with ads in Ireland and Britain.
But he said “one of the issues” would be the money owed to IN&M.