A permanent examiner has been appointed to come up with a plan to secure the development of a €180m power station in north Co. Mayo.
Work was suspended in July when Mayo Renewable Power Limited ran into difficulties securing further finance for the project.
An Taoiseach Enda Kenny was on site in Killala last October to turn the sod on the development.
The Mayo native described the investment as a “vote of confidence in the Irish economy”.
350 construction jobs were promised during the development of a power station that would use locally sourced wood along with other imported supplies to produce electricity that would plug into the National Grid.
It was due to be up and running sometime next year, but just nine months later, Mayo Renewable Power Ltd. issued a suspension notice to its main contractor due to financial difficulties.
Last month, Michael McAteer of Grant Thornton was appointed as interim examiner to see if the project was still a runner.
Today, the High Court heard he believes it has a reasonable prospect of success if it gets the protection of the court and time to secure funding.
Mr. McAteer has now been appointed as permanent examiner going forward. He now has three months to come up with a rescue plan for the company.
During that time, creditors will not be able to call in their debts.