Tougher's examiner granted extension
The examiner of a company operating a chain of fuel stations employing 140 people has told the High Court he is finalising an investment arrangement which he hopes will secure the company’s forecourt and bulk oil businesses.
The National Assets Management Agency, owed some €53 million by Tougher’s Oil Distributors Ltd, told Mr Justice Peter Charleton yesterday it was reserving its position on whether to contest the proposed survival scheme to be put before the company’s creditors at meetings later this month.
Declan Murphy, for National Assets Management Ltd, a Nama company, said it would need to assess the proposals advanced.
The judge granted the application by Rossa Fanning, for examiner Michael McAteer, to extend the time for the examiner to present a finalised survival scheme for the company.
Mr Fanning said the examiner had received an offer from a second interested investor and needed time to asses that and engage with both interested parties.
Unavailability of some people over the Christmas break had delayed matters, he added.
The examiner still believed the company had a reasonable prospect of survival and wanted an extension to hold creditors meetings before delivering his finalised scheme to the court on that date, Mr Fanning said.
Mr Justice Charleton se extended the time to January 29th as sought.
Nama is the largest creditor of Tougher’s Oil Distributors Ltd, registered at Naas, Co Kildare, a wholesale oil distributor operating fuel stations in Carlow, Kildare, Offaly and Wicklow. Bank of Scotland is another secured creditor.