SIPTU Urges NAMA To Unfreeze Pay Funds

SIPTU has called on the National Assets Management Agency (NAMA) to unfreeze funds it controls in order to pay 40 Vita Cortex workers their redundancy entitlements when the company’s Cork plant closes this Friday 16th December.

Vita Cortex, a foam manufacturer, is owned by Jack Ronan who secured a loan from AIB to purchase the company from its previous shareholders using the Cork plant as collateral.


The company announced in September that it intended to close the Cork plant stating that the operation’s assets had been frozen by NAMA.

SIPTU Organiser Ann Egar said: "Under pressure from SIPTU the company arranged a number of meetings with NAMA in an attempt to unfreeze sufficient monies to pay the workers redundancy.

"The company had advised us that NAMA had adopted a favourable position with regard to releasing the funds, given the situation workers were finding themselves in in the lead up to Christmas. To date, despite assurances that NAMA would give its formal position two weeks ago we have heard nothing concerning the workers redundancy payments."

SIPTU is now calling upon NAMA to make its position clear as fruitful contact with the company and its owner has been exhausted.

(CD/GK)