The medtech firm began to shed money until there was literally "no more gas in the tank". The appointment of an interim examiner by the High Court today has triggered eleventh-hour working capital funding that will pay staff and keep the business afloat.
The Irish medtech, which has suffered multi-million losses since its IPO in 2021, is seeking court protection from its creditors. Unusually for such a petition, it is so cash poor it can't even fund itself through the 100-day examinership process.
Tax warehousing was introduced to help businesses struggling with cash flow during Covid-19. But an unforeseen repercussion of the scheme means the Revenue Commissioners may get burnt. A lawyer looks at the implications of an examinership.
Mallinckrodt PLC is the Dublin-based headquarters of the global drugmaker that is facing a second run at insolvency proceedings in Ireland and the US. The Irish company, used as a tax and IP base for the group, is described in court filings as the "nerve centre" of the operation.
The High Court has reserved its decision on whether to approve a scheme of arrangement for the insolvent construction firm. The salvage proposals are opposed by the Revenue Commissioners which is facing a €13 million write down on warehoused debt.
The Revenue Commissioners has found itself in the unusual situation of being an unsecured creditor and it is objecting to a scheme of arrangement for the Northern Irish fit out firm that will see it take a multi-million debt writedown.
The insolvent pharmaceutical group recently entered Chapter 11 bankruptcy proceedings in the US for the second time. Now its Dublin HQ has followed suit with the appointment of an interim examiner.
Derry-based construction company Errigal is to invest in the award-winning fit-out firm in a move that will likely take Mac-Interiors out of examinership. Creditors will get to vote on the investment deal later this month.
The High Court agreed to wind-up the social housing builder after attempts to draw in new investment to Blacklough failed. The company had recently been the target of several attacks, including a masked raid on one of its sites.
Construction firm Sonica built its reputation on inspirational office fit-outs – until Covid-19 dampened the market. Struggling for survival, here is how the Dublin firm plans to claw its way back.
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