The Otheca Group, which consists of a group of regional pharmacies in the Wicklow area, has successfully exited examinership following a court hearing yesterday.

The group entered examinership on 8 October 2021.

The examiner, Mark Degnan, Partner at Deloitte, has been working on a viable scheme of arrangement for the group since this date.

The court approved the scheme presented by the examiner, which had broad support from all classes of creditors across the group.

The successful scheme will see Niall O'Kane and Niall Duggan take control of the group and all employees being retained as part of the restructure.

Creditors in two of the pharmacies saw returns averaging 95% of their pre-petition liabilities, with an average of 63% in another of the group companies.

"I was delighted to be able to present such a strong scheme of arrangement across the group, and to its creditors, for approval last week," said Mark Degnan, Financial Advisory Partner at Deloitte Ireland.

Mr Degnan said the examinership process and Small Companies Administrative Rescue Process will be important options for companies impacted by the pandemic.

"Given the impact of the pandemic on the economy, having a number of options available will be key to many businesses surviving.

"In light of the current trading environment it will be important for companies, their boards and management to act early and consider any steps they may need to take as we start the recovery process across multiple sectors of the economy," he said.