Chief executive Jamie O’Rourke is bidding to retain control of Mainline Power, the Cork-based electrical engineering services firm that is currently in examinership. He faces competition from two potential trade buyers.
New data shows what type of companies are availing of Scarp, how they are financing rescue plans, and whether owners retain control after the restructuring process.
Chinese businessman Colm Wu saw two of his businesses go into examinership last year. One has been rescued by new investors but the other, which owns Mulligan & Haines, is now in liquidation.
Freshly Chopped Ltd only recently entered the Scarp insolvency process over financial challenges faced by the four locations. Several interested parties are now looking to acquire the company operating them.
Wiped of billions in debt, the Irish-headquartered pharmaceutical manufacturer has been given a second clean slate in as many years. The court was told the circumstances that pushed the group into financial difficulties this time round were unlikely to recur any time soon.
Interim examiners were appointed to pubs owned by businessman Colm Wu. An independent expert report has found a "concerning disregard for both internal control measures and adherence to Company Law" in one of his companies.
An interim examiner has been appointed to the Cornstore steakhouses in Cork and Limerick and the more casual Coqbull restaurant chain. The move means receivers appointed by a Swedish fund to the insolvent businesses last Friday will be stood down.
The majority owner of the Barryroe oil field off the coast of Cork staved off bankruptcy with an examinership bid last July. Now Larry Goodman plans to green the company in an investment plan before the High Court.
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.
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