Courts / Galway / Report
Court approves scheme that secures more than 330 jobs in Galway
Summary
The High Court approved schemes of arrangement allowing seven companies controlled by Galway businessman Gerry Barrett to exit examinership on December 21st. Ms Justice Marie Baker approved the proposals, which secure over 330 jobs across businesses including the Five Star G Hotel, Meyrick Hotel, apartments, a retail park, and the Eye Cinema. The schemes were formulated by examiner Neil Hughes of Baker Tily Hughes Blake following negotiations with main creditor Deutsche Bank. Paul Gallagher SC, representing the bank, stated that an agreement was reached with the Barretts, who withdrew their objections to the schemes. The companies, represented by Gary McCarthy SC and Michael Cush SC, had previously opposed the examiner's proposals, alleging unfairness to a class of impaired creditors. Deutsche Bank, owed more than €690m, had initially opposed the examiner's appointment, alleging an attempt to renege on a 2016 debt settlement. However, following rulings by the High Court and Court of Appeal, the examiner was appointed. Under the approved schemes, investor Waltzfire Ltd will inject €89m plus €9m in working capital. The court's approval ensures the companies continue as going concerns, with all trade creditors paid and employment secured.
Who, what, where, when and why
What: Report matter: Court approves scheme that secures more than 330 jobs in Galway. Procedural stage: appeal
When:
- December 21st Hearing Or Sentence
- 2017-12-14 Publication
Places mentioned
- The High Court
- High Court
- Court of Appeal
- Drimbawn House
- Drimbawn House Chestnut Lane
- Galway
Topics
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