It’s emerged Clare company The Whelan Group has debts of 60 million euro and is fighting efforts by Nama to prevent it seeking court protection from creditors.
The matter was before the High Court today .
Whelan’s which is based at Fountain Cross, Ennis and employs 119 people has operations at several Clare locations as well as bases in Cork and Roscommon.
The court heard that the National Assets Management Agency is the insolvent group’s biggest creditor having taken over a 50 million euro debt to Anglo Irish Bank.
The group which supplies stone, concrete and road surfacing products for the construction industry -which included materials for the construction of the Crusheen Gort Bypass, owes a further 10 million Euro to unsecured creditors.
Court protection was temporarily granted to Whelan’s nearly two weeks ago.
For the time being that will stop creditors from calling in debts but the future of the group will be decided after a full examinership hearing this Friday.
