The High Court has appointed a provisional liquidator at Suir Pharma in Clonmel, putting more than 130 jobs at risk.
The company, which makes generic medicines, has cited sustained and irreversible losses of nearly €5 million in the course of the 15 months before March of last year. A drop in US sales is being blamed for the bulk of its difficulties.
Further losses for 2015 and 2016 are expected. The company is said to be insolvent and is to be wound up.
In the High Court today, Mr. Justice Michael Twomey appointed insolvency practitioner Michael McAteer of Grant Thornton as the provisional liquidator.
He also has been given the power to allow the company to trade and to do what needs to be done to secure the company’s assets.
