Modified survival scheme for firms may allay bank concerns

A MODIFIED survival scheme for two companies in Galway businessman John Sweeney’s Black Shore group may resolve Anglo Irish Bank’s concerns about the scheme, the High Court heard yesterday.

The companies – Sweeney Oil Retail Ltd and Sweeney Oil Service Stations Ltd – employ 37 people at service stations and associated retail units in Westport, Co Mayo, and at Clifden and Moycullen in Co Galway.

Examiner, Michael McAteer, was appointed to the companies earlier this year and had advanced survival proposals on the basis of which the companies are believed to have a reasonable prospect of survival.