The latest news in the ZOE saga or 'ZOE-GATE' is that Lawyers for Mr Carroll on the 14th August 2009 secured the last-minute reprieve for seven companies in his Zoe group which owes €1.2 billion to its bankers.
Mr Justice Eamon de Valera permitted the presentation of a petition to appoint an examiner next Thursday (20th August is D-DAY or Z-DAY) which hopefully will give the companies breathing space to organise their long-term survival.
This is an unusual circumstance to occur after the courts already made their decisions?
Perhaps there is political clout going on behind the scenes in order to 'save' this group? Personally as bad as things are and for the sake of the industry one would hope that the group gets their shot at examinership.
I also have a feeling that the other banks will step in and 'front-up' for ACC.
Mr Justice Eamon de Valera permitted the presentation of a petition to appoint an examiner next Thursday (20th August is D-DAY or Z-DAY) which hopefully will give the companies breathing space to organise their long-term survival.
This is an unusual circumstance to occur after the courts already made their decisions?
Perhaps there is political clout going on behind the scenes in order to 'save' this group? Personally as bad as things are and for the sake of the industry one would hope that the group gets their shot at examinership.
I also have a feeling that the other banks will step in and 'front-up' for ACC.
For an insiders viewpoint on this saga go to this discussion borad (if you have time to read all the lenghty posts!) http://www.archiseek.com/content/showthread.php?t=7713&page=6
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