LISSADELL Towels Limited in Carrickmacross, Co Monaghan, which went to examinership before Christmas is to seek between 40 and 50 redundancies from its workforce of 140.

It is understood that the redundancies will be necessary if the company is to avail of a £2 million investment package from a European investor. This proposition became known at a meeting of union representatives and workers of the plant last Monday at which the examiner's proposals were discussed. Lissadell is believed to have £1.7 million in hank debt with a further £1 million owed to other creditors.