Gerry Barrett’s Galway companies approved to continue trading

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The High Court approved survival schemes for seven companies controlled by Galway businessman Gerry Barrett. Ms Justice Marie Baker said she was satisfied to approve the schemes. The proceedings were reported on 14 December 2017. The companies were due to exit examinership formally on 21 December.

The companies, connected with the Five Star G Hotel, the Meyrick Hotel, apartments, a retail park and the Eye Cinema in Galway City, employed more than 330 people. The schemes followed negotiations with Deutsche Bank, which had supported the examiner’s proposals. Counsel for the bank said an agreement had been reached with the Barretts, who were withdrawing their objections. The agreement’s terms were confidential.

Under the scheme, Waltzfire Ltd was to invest €89 million, with a further €9 million in working capital. In a joint statement, Gerry Barrett, the investor and the bank said the examinership had secured full payment for trade creditors and security of employment for the companies’ employees. They said the companies would continue to trade as normal.