The Westport-based Irish TV encounters an ‘unexpected and significant funding shortfall’.
The news comes after the announcement earlier this week that John Griffin had resigned as a director of the television company which is based in Westport, Co. Mayo.
By resigning Mr Griffin withdrew his financial support for the company. Irish TV has since obtained High Court Protection.
Court documents state the company has “encountered an unexpected and significant funding shortfall.” In its petition seeking court protection, Irish TV said it has been left with an immediate operational cashflow shortfall after the main funder withdrew support in late October. That followed four years of losses and it now has net liabilities of €8.7 million, it said.
Irish TV, broadcasts a 24-hour channel on Sky, Eir and free-to-air services as well as an online video-on-demand service. Established in March 2011 the channel is aimed at both the diaspora and viewers in Ireland.
Telifis Mhaigh Eo Teoranta, trading as Irish TV, operates from Westport Industrial Park and the channel currently employs 30 people.
Irish TV had this week suspended productions as it sought to seek new investors. Claire Ronan, presenter of the programme ‘Sligo County Matters’, said on Monday that the show had ceased filming and thanked viewers for their support. “Hopefully new investors will be found soon,” Ms Ronan wrote on Twitter.
Ms Justice Marie Baker said she was satisfied to appoint Michael McAteer as interim examiner.
