Sunday February 23, 2020

Petroceltic senior staff hang tough for a better deal

Staff left court with 20% of their payments to compensate for the takeover, writes Francesca Comyn

20th June, 2016

Talks went on all day Wednesday. Every now and then the parties would pile back into the High Court and update Justice Brian McGovern to the effect that more time was needed.

Michael McAteer of Grant Thornton had put together a survival plan for the beleaguered company and two affiliates which had gone into examinership in early March.

The Dublin-based oil producer had been living dangerously on rolling bank waivers in a slumped oil market....

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