Setanta goes bust
Sports broadcaster Setanta has appointed administrators. Late on June 23 it appointed Deloitte as joint-administrators. 200 staff are being immediately laid off.
Neville Kahn, Lee Manning and Nick Edwards of Deloitte were today appointed Joint Administrators to Setanta Sport Limited and Setanta Transmissions (UK) Limited. David Carson, of Deloitte in Ireland, was appointed Receiver to Setanta Sport Holdings Limited, Setanta Media Holdings Limited, Setanta Media Limited and Setanta Sport (PPV) Limited.
Setanta International and Setanta Ireland are not covered by these appointments.
Setanta has 420 employees in the UK and Ireland, and approximately 1.2 million subscribers, with channels available in three million homes.
Neville Kahn commented: "After a huge effort by the Setanta board, management team and its backers, it has not been possible to save the GB business, which will be wound down in due course. This decision means that it will shortly cease broadcasting to its customers in Great Britain. However, the International and Ireland businesses continue to trade on air whilst we are in discussions with parties to take on those businesses as going concerns.
"Regrettably, approximately 200 employees will be made redundant in respect of the GB business. Setanta has today suspended the collection of subscription payments from customers in Great Britain. We can confirm that no further monthly subscriptions or direct debits will be accepted from customers of the UK business."