An interim examiner was appointed by the High Court today to a west of Ireland bakery which employs 82 people on the basis of an independent accountant's view it has a reasonable prospect of survival.
Brogan's Bakery Ltd, Glenamaddy, Co Galway, a family business dating back to 1967, supplies confectionery, including muffins and cupcakes, to supermarkets in Ireland and the UK.
Michael Brogan, a 40 per cent shareholder in Brogan's, petitioned today for court protection. Rossa Fanning, for Mr Brogan, said Mr Brogan had scheduled meetings later today with other directors and shareholders who, he claimed, are failing to face up to the reality of the company's troubled financial position.
Mr Justice Peter Kelly was also told Sean Brogan, acting chief executive of Aer Arann and brother of Michael Brogan, is prepared to invest about €1 million into the business under a suitable scheme of arrangement.
The judge said he was satisfied, on foot of an independent accountant's report and other material before the court, to grant the application for court protection. He appointed Michael McAteer as interim examiner and returned the petition to November 14th.
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