A NUMBER of investors have expressed an interest in investing in the troubled cable television company, CelticVision, the High Court was told yesterday.

Mr Justice McCracken, who made an order appointing Mr Jason Sheehy of Cooney Carey Accountants as examiner to CelticVision Productions, said the company was suffering from a clearly identifiable problem it was under capitalised.

The petitioners, who are directors of the company, stated CelticVision had accumulated losses of about £3.7 million since it was incorporated in July, 1991, and continued to make losses at the rate of £47,000 a month.

CeticVision, which buys programmes from RTE, BBC and independent producers, currently sells its service to cable television subscribers in the Boston suburb of Brookline.

In an affidavit, Mr Sheehy, who was appointed interim examiner by the court on July 5th last, said the company's most significant assets were its contracts with RTE and Cablevision Systems, the fifth largest cable television distributor in the US.

In addition to significant investment, the company also needed funding while it was under the protection of the court.

Mr Sheehy told the court he had already met the representative of Donegal Ventures who confirmed to him its intention to submit a plan for the restructuring of CelticVision. He had also met other parties who were seriously interested in investing in the company.

CelticVision had indicated to him that it had secured sufficient funding to meet its immediate short term obligations and if his appointment was confirmed he proposed to monitor the ongoing working capital requirements.

Mr Charles Meehan, counsel for the petitioners, told the court that negotiations between Mr Sheehy and Donegal Ventures were on going as were negotiations between the other interested parties who could not be named for reasons of commercial confidentiality.

The company had been very successful in concluding a significant agreement with Cablevision Systems which brings programmes to 2.7 million householders and was performing very well against other competitors.

Mr Robert Matthews, director of CelticVision Productions, told the court in n affidavit that he had kept RTE Commercial Enterprises and Temple Lane Recording Studios appraised of ongoing negotiations, and they had assured him of their support.