IRISH Ferries Ltd yesterday applied to the High Court to reduce its share capital to eliminate a £121 million deficit.

The President of the High Court, Mr Justice Costello, yesterday fixed March 25th for the hearing of the company's petition.

Mr John McBratney, counsel for Irish Ferries, said that during the 1970s and 1980s there had been accumulated losses of £121 million. The company was currently trading profitably.

In the petition, Irish Ferries stated the issued share capital was £144 million. The company was incorporated in 1936, purchased by the Government in 1965 which then sold its shareholding in 1992 to B & I Ltd. The name was changed to Irish Ferries Ltd last year.