Galway businessman John Sweeney has said 350 jobs have been secured by the High Court's decision to appoint an examiner to four of his companies.
The group, which includes insolvent businesses Sweeney Oil and Slyne Properties, owes its largest creditor Anglo Irish Bank €55m in loans and guarantees.
Mr Justice Brian McGovern today appointed Michael McAteer as examiner to John Sweeney's four insolvent companies expressing satisfaction that they had a reasonable prospect of survival.
Yesterday lawyers for the firms' largest creditor Anglo Irish Bank told the court it had irretrievably lost trust in the Galway businessman.
Three of the insolvent companies are part of the Sweeney Oil group. The fourth, Slyne Properties Ltd, runs the Marriott Hotel and spa on the Headford Road, Galway.
In a statement this afternoon, Mr Sweeney said he was delighted at the outcome – saying the decision will ensure the group can continue to employ its 350 staff.