The directors of the troubled Cavan Crystal firm will make a last-ditch attempt to save the company today, arguing that they can raise sufficient funds to do so.

The examiner appointed to the company last month, Mr David Hughes of accountants Ernst & Young, has applied to the High Court to end the examinership. In his report, Mr Hughes has stated that it appears the company is not in a position to put a financial rescue package in place within the necessary time-frame. He has applied for the ending of court protection.

Speaking to The Irish Times yesterday, Cavan Crystal managing director, Mr Neil McKay, said he remains confident that the company will exit successfully from its period of examinership.

Commenting on the examiner's report, Mr McKay said the company would be able to put a substantial investment package together to secure the future of the firm but noted that there appeared to be "a difference" between the amount of money it believed the company required and that estimated by the examiner.