LATEST FASTNET Line, the company that operates the Swansea-Cork ferry has called a press conference aboard the MV Julia in Cork city this morning where they are expected to announce that the last-gasp rescue plan to save the service has failed at the final hurdle.
The Irish Examiner reports that Enterprise Ireland, one of the remaining investors needed to keep the service afloat have indicated they cannot commit an estimated €400,000 because the move would breach state aid rules.
Their Welsh counterparts, Finance Wales were also expected to invest to the tune of €800,000 but abandoned the plan when Enterprise Ireland pulled out.
The ferry had already secured €300,000 from Cork’s two local authorities and was expected to secure another €100,000 from Kerry County Council.
The company which is currently in examinership needs to prove to the High Court today that it can come up with €1.6 million to finance the new business plan which would see the ferry resume sailing in March.
If no investment is forthcoming the ferry service will collapse spelling disaster for tourism interests in West Cork.
More to follow.