The Sunday Business Post has been saved from closure. The paper filed for the appointment of an examiner back in March.
The paper was part of Thomas Crosbie Holdings (TCH) which went into receivership on March 6th. The publication has been loss-making since January of 2009.
The High Court was previously told that the paper had seen its revenues fall to €7.3 million in 2012 from €15.6 million in 2007 as a result of the drop in advertising. The court was told that advertising revenues dropped 68% over that period.
A deal has been done which will see former Managing Director of the Irish Daily Star Paul Cooke backed by investment firm Key Capital. They will buy the title for €750,000.
It is understood the examiner appointed to the newspaper from Grant Thornton has briefed staff on the developments.
However Newstalk's Business Editor Ian Guider says a number of further redundancies may be made in addition to those already announced.
He spoke to Lunchtime here on Newstalk.
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