Nama ‘neutral’ on court protection for Naas hotels

The National Asset Management Agency has adopted a neutral position on an application for examinership for two hotels in Naas, Co Kildare, employing 250 people but is objecting to High Court protection for their parent company, Faxhill Homes Ltd.

The four-star Killashee House Hotel and Lawlor's Hotel are considered to have a reasonable prospect of survival as going concerns, Mr Justice Peter Charleton was told.

Paul Sreenan, for Nama, said today it was neutral on protection for the hotel companies but opposes protection for Faxhill Homes which holds various property assets with a combined value “substantially less” than Faxhill’s €77 million debts to the agency.

In opposing protection for Faxhill, owned by Co Kildare builder John Tierney, Nama was concerned to ensure the examinership process “cannot be used as a kind of receivership just to sell off properties”.

Mr Justice Charleton will tomorrow continue hearing the application for examinership.