Court approves Eddie Rockets outlet survival plan

The High Court has today approved a survival scheme for the operators of an Eddie Rockets restaurant in South Dublin.

The company, Curra Properties Ltd which ran Eddie Rockets at the Stillorgan Shopping Centre, was granted court protection from creditors last August after it said it was insolvent and unable to pay its debts.

The firm, with more than twenty employees, got into financial problems because it was unable to service an historic debt of €1m owed to Revenue. That debt, the court heard, was caused by an ex-employee who embezzled substantial funds from Curra.

Mr Justice Mary Finlay Geoghegan yesterday approved a survival scheme proposed by the examiner to the company, Mr Gary Lennon, who said the scheme was in the best interests of creditors, employees and all concerned with the company.

The Judger said she was satisfied that as a result of the scheme of arrangement the company has a reasonable prospect of survival as a going concern.

The judge's approval will allow the company exit examinership from 2pm tomorrow and it will continue to trade as a going concern. The court gave its approval after being told the scheme had secured approval of most of its creditors.

Presenting the scheme to the court today Bernard Dunleavy Bl for Mr Lennon said that under Mr Lennon's plan various classes of the company's creditors will receive between 100% and 13% of what they are owed.

The court also heard that under the scheme the main Eddie Rockets franchisor will take over the restaurant and new management will be put in place. In addition counsel said that no jobs will be lost, counsel added.

Mr Lennon told the court that the business performed well while during the examinership, and extra staff were taken on. He also expressed his confidence that the restaurant will survive into the future.

Creditors of Curra, included Bank of Scotland, who are owed €168,000 and the Revenue Commissioners.