The High Court has continued the protection of Cavan Crystal Glass Limited to Wednesday next when the court will hear proposals for the survival of the troubled company, which employs 80 people.
Mr Justice McCracken yesterday adjourned to Wednesday a hearing to consider the proposals formulated by the examiner, Mr David M. Hughes, regarding the company.
At a previous hearing, Mr Padraic Clarke, for the examiner, said his client's report indicated, with some reservations, that the company can survive. The report was presented to court on June 26th last.
Yesterday Mr Michael Collins SC, for Ulster Bank, the largest creditor of Cavan Crystal with debts of more than £900,000, said discussions had taken place and a large measure of agreement reached.
Mr Justice McCracken said he would adjourn the hearing of the proposals to Wednesday next and made an order continuing the protection of the company until then.
