Liquidator appointed to oversee dismantling of Tara TV

Following the winding up of Tara TV, the High Court in Dublin announced the identity of company's liquidator on Tuesday March 19.
Billy O'Riordan, of PricewaterhouseCooper, has been named as liquidator, following the withdrawal by Tara TV of a request, on behalf of nominees to the board of the company, for the appointment of an examiner made to the High Court on February 28 of this year.
RTE said that it "regrets" the liquidation of Tara TV, a company it has supported since 1997. The company had been 80 per cent owned by United Pan Communications NV (UPC) and 20 per cent owned by RTE Commercial Enterprises (RTE CEL).
A spokesman for RTE said: "It was not possible to continue the support when there was clear evidence that the company was insolvent and there was no viable business plan for the future. RTE has a duty to act in its own best interests and to ensure that its public funding is carefully and prudently deployed."
The liquidation will result in personal losses for the employees of Tara TV and the loss of access to Irish programming for the small group of viewers that the channel attracted.
However, RTE has committed itself to ensuring that an alternative access to Irish programming for viewers in the UK is provided at an affordable price in the near future.
Tara TV was wound up after it failed to generate the expected revenues. Indeed, RTE (CEL) did not receive any payment in respect of programming costs and Tara TV operated at a loss throughout its lifetime. Between 1998 and 2000, Tara TV registered operating losses of over IR£11 million.
The total direct investment by CEL was £2,304,514 which includes £481,941 due to RTE (CEL) in respect of programming fees for 2000. RTE (CEL) agreed to convert this amount into a shareholder's loan. This was done, said RTE, in an attempt to bolster the precarious financial position of Tara TV.
RTE, www.rte.ie
(GMcG)