Courts / Louth / Report
Rise in energy prices sees examiner appointed to world-leading magnesium manufacturer
Summary
The High Court appointed Neil Hughes of Baker Tily as interim examiner for Premier Periclase Ltd, a world‑leading magnesium manufacturer employing 94 people. The company faces severe financial distress due to a sharp rise in gas and electricity prices, which have doubled between 2020 and 2021. Premier Periclase owes Bord Gais €2.5 million and Energia €900,000, and Bord Gais has threatened to cut off gas supply within weeks unless a substantial payment is made, a payment the company claims it cannot afford. The court noted that an Independent Accountant's report by Cormac Mohan indicates the company has a reasonable prospect of survival if steps such as an examiner's negotiation with creditors and refinancing are taken. Premier Periclase, owned by Callista Turnaround 10 GmbH, has operated at Boyne Road, Drogheda since 1977 and sells its magnesium oxide and hydroxide products worldwide. The matter was adjourned to early January for further proceedings.
Who, what, where, when and why
What: Report matter: Rise in energy prices sees examiner appointed to world-leading magnesium manufacturer. Procedural stage: hearing_or_decision
When:
- 2020 and 2021 Other
- 2021-12-16 Publication
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