A HIGH Court judge will rule next week whether to continue court protection for companies in the Mr Binman waste-collection group, while efforts are made to put together proposals for their survival.
The companies employ 331 people across Munster while 200 jobs are indirectly dependent on them.
Ms Justice Mary Finlay Geoghegan yesterday reserved judgment on the two-day hearing of the companies application to confirm William O’Riordan of PricewaterhouseCoopers as examiner. If appointed, he will have 100 days to prepare a scheme of arrangement which would have to secure the support of a majority of creditors and the court.
Bank of Scotland, the group’s principal banker and largest creditor, which is owed about €53 million, has strongly opposed examinership, arguing that the companies have no realistic prospect of survival. The bank urged the judge to appoint a receiver immediately.
In an interim report, Mr O’Riordan said he believed the companies could survive provided certain essential conditions were met, including obtaining alternative bank funding and securing investment. A similar view was outlined in a report from an independent accountant, but Bank of Scotland argued that report was flawed in relying on cash flow and other projections from the companies’ management.
Other creditors have supported examinership while the Revenue Commissioners, owed €1.6 million, has adopted a “guardedly neutral” position.
