Courts / Galway / Report
High Court asked to approve survival schemes for Galway companies employing hundreds
Summary
The High Court has been asked to approve survival schemes for seven Galway companies controlled by businessman Gerry Barrett, which employ over 330 people. Insolvency practitioner Neil Hughes, who was appointed examiner earlier this year, has prepared the schemes. The companies—KH Kitty Hall Holdings Ltd, Ml Meyrick Ltd, Mono Trading Ltd, Edward Leisure Assets Unlimited Company, Niche Hotels Unlimited Company, Style City Limited and Radical Properties Unlimited Company—had sought the examiner's appointment but now oppose the arrangements. They had previously sought court protection after Deutsche Bank appointed a receiver, claiming the banks owed more than €690 million. The bank had opposed the examinership, arguing the companies were trying to renege on a 2016 debt settlement that would have sold assets to reduce debt. The bank now supports the schemes. At the hearing, Justice Marie Baker was informed that investor Waltzfire Ltd offered €89 million plus €9 million working capital to fund the companies and enhance assets.
Who, what, where, when and why
What: Report matter: High Court asked to approve survival schemes for Galway companies employing hundreds. Procedural stage: hearing_or_decision
When:
- 2017-12-08 Publication
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