Key Capital and Cooke poised to rescue Sunday Business Post

Barry O’Halloran

Financier Key Capital and businessman Paul Cooke look poised to rescue the Sunday Business Post newspaper after opening talks with examiner Michael McAteer earlier today.

High Court protection for the Sunday Business Post, which was placed in examinership three months ago, is due to run out next Friday.

Up to eight potential buyers approached Mr McAteer over the last three months, but the field was narrowed down to just one bid, from Key Capital and Mr Cooke, today.

It is understood that the parties worked out the heads of agreement, the first step to drawing up a formal deal, early this morning and talks are continuing.

Mr McAteer, a partner with Grant Thornton, has to complete a rescue plan - known as a scheme of arrangement - today.

The Sunday Business Post was placed in examinership in early March after its parent, Thomas Crosbie Holdings, former owner of the Irish Examiner group, went into receivership.

It had 76 staff at the time. According to figures published earlier this year, it sold 40,000 copies and had around 140,000 readers.