State-owned bus company Bus Éireann’s financial situation has worsened, and without urgent reforms it could face insolvency within 18 months, according to informed sources.
Late last year, Minister for Transport Shane Ross briefed his Cabinet colleagues and said the company was at crisis point, and could become insolvent within 24 months.
However, the latest figures suggest that the company has just 18 months to avoid financial disaster.
It lost 5.6m in 2015, an estimated 6m in 2016, and losses for 2017 are now forecast to exceed 7m.
A Bus Éireann spokesperson confirmed that yesterday the company’s board considered a restructuring report commissioned from Grant Thornton aimed at “creating a viable company in the interests…
Read the full article at: http://www.rte.ie/news/2017/0110/843933-bus-eireann/