Thursday 22 February 2018

We've rescued them, now we need to see some bang for our buck

People won't keep supporting Nama and the banks without good reason, writes Brendan O'Connor

FOUR of the companies in Galway businessman John Sweeney's Black Shore Group sought court protection last week. The court protection was granted because the judge believed that the businesses had a reasonable chance of survival. It seemed that Courtyard Marriott, one of the businesses central to the case, was "bucking the trend" when it came to the beleaguered hospitality industry. Failte Ireland seemed to think that the main reason the hotel was outperforming the industry was because of Mr Sweeney and his management team

According to reports, "Mr Justice McGovern said he was satisfied an independent accountant had provided evidence to show the companies have a reasonable prospect of survival if certain specified conditions, including securing investment, were met. The court had heard six expressions of interest had been received from potential investors. The accountant's view was also supported by interim examiner Michael McAteer, the judge noted."

So everyone involved seemed to agree that this business had a better chance of survival if it was left alive and in the hands of the people who were running it.

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