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Article: Belgian rival takes over Qualceram for [euro]3.4m
- Article from:
- The Irish Times
- Article date:
- July 16, 2009
- Author:
CopyrightCopyright 2009 The Irish Times. Provided by ProQuest LLC. (Hide copyright information)
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BELGIAN-BASED multinational Ideal Standard will take over the
operations of Irish rival Qualceram Shires for [euro]3.4 million in
a High Court-approved rescue deal.
Qualceram Shires was placed under High Court protection from its
creditors last March. Ernst & Young partner David Hughes was
appointed as examiner and charged with coming up with a rescue plan
for the troubled business.
The group sells bathroom and toilet fittings, and its business
was hit by the slump in new housebuilding.
The company was forced to seek court protection after it failed
to renegotiate the terms of a lease with a major creditor and its
bankers. Its shares were suspended from the Irish Stock Exchange.
Yesterday, ...