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USIT going into liquidation

Comments

  • #2
    dmeehan
    Registered Users, Registered Users 2 Posts: 2,457 ✭✭✭dmeehan


    yip, the highcourt appointed an examiner today


  • #3
    b20uvkft6m5xwg
    Closed Accounts Posts: 2,695 ✭✭✭b20uvkft6m5xwg


    The story continues...
    http://www.ireland.com/newspaper/breaking/2002/0301/breaking20.htm

    Harney orders inquiry into USIT takeover

    The Competition Authority has been asked by the Tánaiste and Minister for Enterprise and Employment to investigate the proposed takeover of USIT by STA Travel.

    Ms Mary Harney said she would consider whether any action would be taken "in the interest of the common good" once she receives the authority’s report on April 2nd.

    Swiss-owned STA Travel is the largest student travel group in the world. USIT was the second largest, until it ran into severe financial difficulties over the purchase of a US subsidiary just before September 11th.

    STA Travel took over USIT in January and has now agreed to provide funding and assistance to USIT while the examiner, Mr David Hughes of Ernst Young, tries to reorganise the business.

    USIT employs 1,500 people in 66 countries, operating out of 200 offices. It has an annual turnover of $600 million (€694 million).


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