Yesterday Ms Justice Mary Finlay Geoghegan said she was satisfied to confirm Michael McAteer of Grant Thornton examiner of the Lynch Hotel group, which owns and manages several hotels in the Connacht and Munster area, on the basis of an independent accountant’s report indicating the group has a reasonable prospect of survival as a going concern.
The examiner has up to 100 days to come up with a scheme of arrangement, which if approved by its creditors and the High Court will allow the group to continue to trade. Previously the court heard that the company, which employs more than 450 full-time workers, has debts of €22.85 million.
The companies under court protection are West County Hotel Ennis Ltd;, Dale Park Properties Ltd; Breaghwy House Hotel Ltd, Pyrmont Ltd; LHG Catering Promotions Ltd; Breaffy Wellness Hotel Ltd and Clare Inn Hotel Ltd, all with registered addresses at Clare Road, Ennis.
The hotels operated by the group include the West County in Ennis; the Clare Inn, Dromoland, Co Clare; George Boutique Hotel and South Court Hotel, Limerick; The Breaffy House Hotel & Spa, the Breaffy Woods Hotel and Breaffy Suite in Castlebar, Co Mayo and the Ocean Cove Hotel, Kilkee, Co Clare.
Yesterday Ms Justice Finaly Geoghegan was informed by John Gleeson SC for the petitioner that the company needs to undergo restructuring if it is to survive as a going concern.