Friday, March 20, 2009
Tribune Magazine In ... And Then Out of Administration
This is a notice that appeared in this week's London Gazette. Tribune Magazine has gone into administration. Friday 13th appears not to have been a very good day for the magazine. However, all those lefties who will bemoan the loss of their favourite red read can rejoice. For miraculously, the company was rescued by a new company only three days later. And the new company is called ... wait for it ... Tribune Publications 2009! Isn't this just the sort of phoenix from the ashes deal which Tribune would be the first to slag off if it happened elsewhere?
I put a call into the administrators and they tell me that the company was purchased from them, on Monday. I called Tribune and was told that it was all related to the rescue deal negotiated last October with Kevin McGrath. However, the negotiations had taken a long time and were getting bogged down. The company was in danger of trading insolvently so it was decided to put it into administration to allow Mr McGrath (who is a Labour Euro candidate) to buy it from the administrators. The company will continue with the same editor, same staff, and, well, just about the same everything. Apart from, presumably, a blank list of creditors. The press release (which I have had read out to me but haven't seen) points out that all creditors have been or will be paid in full by the new owners.
On the face of it, it's all a bit messy, but the key point is that the magazine is continuing to publish and has a definite plan for the future. Even though it's very far from my politics, I have always had an affection for it. I'm not quite sure why, but there you are.