Court gives examiner deadline to get investment for bar group firms

THE examiner of companies in the Capital Bars Group which operate several well-known Dublin bars, including Cafe en Seine, The George and Howl At the Moon, has until next Thursday to secure investment vital to his preparation of survival proposals for the companies. Some 175 jobs hang in the balance.

Sat, 05 Dec, 2009 - 00:00

Vivion Kilfeather

Examiner Kieran Wallace has said he considers it likely that by Wednesday next he will procure the investment necessary for survival proposals to be formulated for the companies.

Allied Irish Bank, which is owed €25.5 million and is a secured creditor of the companies, has said it will not support survival proposals based on the investment offer in question. However, if the investment is procured, the High Court will have to decide whether to sanction the examiner’s proposed scheme.

Bernard Dunleavy, for examiner Kieran Wallace, told Mr Justice Peter Kelly yesterday he would know by Wednesday next whether that investment, which is dependent on the proposed investor securing funding from Anglo Irish Bank, would be forthcoming and asked for an extension of time to formulate survival proposals if the investment was procured.

Anglo had indicated it would give its decision on funding by Wednesday, counsel outlined.

Grainne Clohessy SC, for AIB, said her client was not happy with the investment proposals to date but was prepared to allow the matter be adjourned to next Thursday.

On that basis, the judge agreed to adjourn the matter to Thursday adding, if investment was not forthcoming, he expected the examinership would be at an end with a receiver or liquidator appointed.

Three other companies in the Capital Bars group were placed into liquidation on October 19.

Mr Wallace was appointed last September to Marino Ltd and three related companies in the Capital Bars group – Perfect Pies Ltd, Vikram Ltd and Mount Street Pub Ltd. Marino also owns the leasehold interest in the Zanzibar pub, Lower Ormond Quay, which is managed by an unrelated company, Beach Club Investments Ltd.