Efforts to save Clare’s largest quarry group, Whelan’s will be heard in the High Court today.
The Ennis based company, which employs 119 people, has debts of over 60 million euro and is seeking to have an examiner appointed to protect it from its creditors including Nama.
Just under a fortnight ago – the Whelan Group lodged affidavits with the High Court in Dublin and was granted temporary protection while it put together a petition for examinership, covering its five companies.
However the National Asset Management Agency, which has taken over 50 million euro of Whelan’s debt owed to Anglo Irish Bank, is opposing the move because of a proposed large write down of the debts of secured creditors which also includes Bank of Scotland Ireland- which is owned 12 million.
Two further creditors, Irish Cement Ltd and Lagan Cement are also opposed to the examinership petition.
The Whelan companies say their underlying business is sound and if a survival scheme is approved, the group could return to profitability next year, but if its not, the future is bleak for both its creditors and employees.
A full petition hearing for the appointment of an examiner to the Whelan Group will be heard before the High Court later this morning.
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