The High Court has appointed an examiner to four companies in the Black Shore group owned by Galway businessman John Sweeney.
The companies are involved in petrol stations, a hotel and property and employ 140 people.
Mr Justice Brian McGovern said he was satisfied there was a reasonable prospect of survival if the conditions set out in an independent accountant's report were met.
The largest creditor, Anglo Irish Bank, which is owed €55m in loans and cross-company guarantees, had opposed the application.
Mr Justice McGovern rejected submissions from Anglo Irish that there would be little difference between the appointment of an examiner and a receiver.
He said the most significant piece of evidence to weigh-up is a decision related to the Marriot Hotel in Galway. It seemed to be bucking the trend and performing well, he said.
Fáilte Ireland had expressed a view that this was due to the management style of Mr Sweeney and his employees.
The judge said it was easy to see how this could 'change dramatically' in a receivership where Mr Sweeney would lose effective control over the hotel.
Afterwards, Mr Sweeney welcomed the decision and said he was confident that they would exit the examinership process as quickly as possible to secure the long-term future of the businesses.
He said the decision ensured that the group of companies could continue to directly employ 350 staff and support many other businesses.
Black Shore, a holding company owned by Mr Sweeney, was wound-up yesterday.
Other companies within the group are in difficulty due to over-borrowing. Four of those companies applied to the High Court for protection while a survival plan is drawn-up.
The court was told that the four companies, including the Sweeney Oil Group and Slyne Properties had a reasonable prospect of survival with expressions of interest from six possible investors.
Counsel for Anglo Irish, Declan Murphy told the court yesterday there had been an irretrievable loss of confidence in Mr Sweeney and a breakdown in trust. He said the level of detail for a survival plans was scant and 'aspirational'.
He said the bank wanted to appoint a receiver, which was not necessarily a threat to jobs or the local economy. Mr Justice McGovern disagreed.
Mr Justice McGovern said it would be open to Anglo Irish to make submissions when the matter returns to court to have a rescue plan approved.
