Two court hearings yesterday have finally cleared the way for the Jeanie Johnston Famine replica ship to sail to the United States early next year.
A rescue plan for the Jeanie Johnston (Ireland) company was approved in the High Court yesterday morning. Later, the Admiralty Court ruled the ship could sail to the US in February next, provided the vessel returns.
Approving a scheme of arrangement for the company, Mr Justice Kelly noted some of those sailing would receive only €5 per day. The judge said this was akin to the days of biscuits and salted beef and expressed the hope, in order to avoid scurvy, that the sailors should be given oranges. A crew of at least eleven is required to operate the ship with 29 sail trainees.
The ship is expected to sail for the US in early February on a sixty day voyage with a stopover at Tenerife.
The scheme of arrangement provides that each member of the existing board of directors of the company will retire within 24 hours and a new board will be constituted.
Mr Paul Gallagher SC, for the company, said 94 per cent of the creditors had consented to the rescue plan. They would receive 60 per cent of what was owed to them within 21 days. The alternative was liquidation.
One creditor, M. J. Marshal Electrical, is not a party to the agreement and is seeking €150,000 from the company. This matter will be heard before the Admiralty Court.
The company told the High Court that they have a lodged a counter claim against the electrical company for alleged defective work.
The rescue package was initiated last July by the company and the Kerry Group plc which has agreed to make a financial contribution.