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Bell Line: IRHA goes for 35p in the pound

15th May 1997, Page 8
15th May 1997
Page 8
Page 8, 15th May 1997 — Bell Line: IRHA goes for 35p in the pound
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Which of the following most accurately describes the problem?

• Irish hauliers stand to get only Ifirn of the £17m they are owed by Bell Lines if the Irish courts approve a rescue plan for the troubled company.

Last Thursday Irish Road Haulage Association accountants gave backing to 35p in the pound, although the scheme still has to win approval from the Irish High Court.

Other classes of creditor, who will receive only 25p in the pound, are expected to vote against the deal.

"Some classes may object," says examiner David Hughes. "But if the majority are in favour of the scheme, the court may look on it favourably."

The news comes at the same time as a surprise rescue package which could lead to a financial restructure of Bell Lines.

Irish Continental Group— Irish Ferries' parent and a Bell Lines shareholder—is leading a consortium to buy Bell Lines.

Hughes says it is too early to predict how the issue will be resolved; he first has to prepare a report for the judges.

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