Courts / Louth / Report
World-leading manufacturer can exit examinership - High Court
Summary
The High Court approved a survival scheme for Premier Periclase Ltd, a Co. Louth magnesium‑based heat‑resistant product manufacturer, allowing it to exit examinership. The company, operating since 1977 from Boyne Road, Drogheda, had faced insolvency due to soaring gas and energy costs, owing €2.5 million to Bord Gais and €900,000 to Energia. In December 2021 it sought court protection, claiming Bord Gais threatened to cut supply unless a substantial payment was made, which it could not afford. Judge Brian O'Moore approved the scheme devised by examiner Neil Hughes of Baker Tily, with Gary McCarthy SC supporting it. The plan will bring fresh investment, require a switch from natural gas to renewable energy over 18 months, and temporarily reduce the workforce by half, with hopes of rehiring post‑switch. The company will continue trading as a going concern under the approved survival scheme.
Who, what, where, when and why
What: Report matter: World-leading manufacturer can exit examinership - High Court. Procedural stage: hearing_or_decision
When:
- February 2021 Hearing Or Sentence
- 2022-05-20 Publication
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