Examiner appointed to Black Shore Holdings
Published 29/01/2010 | 05:00
SHELBOURNE Hotel backer John Sweeney has put his main holding company into examinership in a bid to save it from being forcibly wound up.
Black Shore Holdings, which sits over the Sweeney Oil business as well as much of Mr Sweeney's hotel and property portfolio, was granted interim examinership yesterday.
The group employs about 350 people, mainly in the west of Ireland, and boasts a turnover of close to €200m, according to its most recently filed accounts.
The move comes after Esso, last week, began manoeuvres to have Black Shore wound up over a €12m debt. The money was owed to Esso by Black Shore subsidiary Fate Park, which went into examinership last year and was subsequently bought by Tedcastle.
Esso was repaid a small percentage of the €12m when the Tedcastle sale went through, but the oil giant is now trying to enforce guarantees Black Shore provided to Fate Park for the original debt.
Esso's petition was due to be heard by the High Court next Monday, triggering Black Shore's decision to apply for examinership protection this week. The examinership case was first mentioned in court on Wednesday, before the interim order was granted yesterday.
Grant Thornton's Michael McAteer has now been installed as interim examiner and is to report back to the court next Monday, when the company will make a case for full examinership.
When contacted last night, Mr Sweeney said it was "true" that Black Shore had gone into examinership but declined to comment beyond that.