...but creditors of Bell Line may vote for less
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• Hauliers owed flOm by Irish container shipper Bell Lines will be asked to reduce the size of their claims against the troubled company after an Irish court approved a plan to keep the company trading.
Examiner David Hughes expects to present haulier creditors with a "scheme of arrangement" that will allow Bell to continue trading—and pay some of its debtsprovided hauliers agree to accept less than they are owed.
An Irish judge has accepted that liquidating the company is likely to produce less of the cash which is owed to creditors.
Hughes says it will take him several weeks to prepare a survival plan, known as the second process, which will have to be submitted to creditors for a vote of approval before it can be put into action.
In the meantime hauliers are being paid cash each week to continue working for the company.