In the High Court today, Ms Justice Mary Finlay Geoghegan appointed Billy O'Riordan of PricewaterhouseCoopers as Interim Examiner to waste disposal group Mr Binman.
The Interim Examiner was also appointed to subsidiary companies Greenport Environmental Ltd, Rural Refuse & Recycling and Clearpoint Recycling Ltd (the Binman Group).
Mr Binman employs 331 people directly and approximately 280 indirectly, according to a statement released by the company. The company will continue to trade normally during the examinership process.
In the statement, the company said that following a decision by Bank of Scotland (Ireland) to withdraw its support, the company's directors sought the protection of examinership while management negotiated a restructuring of its debts and new equity investment for the companies.
The statement said that the High Court was advised that an investor had indicated a willingness to invest sums in each of the companies in order to fund a Scheme of Arrangement and to provide additional working capital facilities.
The statement said that a “letter of comfort” had been made available by the proposed investor and that this could be submitted to the court on a confidential basis.
The company said that it had tried to negotiate revised credit facilities with Bank of Scotland (Ireland) since the beginning of the economic downturn, but claimed that the bank had “failed to engage meaningfully in this process, leaving the Company no alternative but to seek examinership”.
Justice Finlay Geoghegan set next Tuesday as the date for a full hearing of the company's application.
