Full coverage: Scarp

Having failed to raise €50m, Bio-Marine Ingredients Ireland Ltd is using the recently introduced Scarp process to restructure its debts. But first, it wants the High Court to grant it protection from its many creditors.

Backed by Killybeggs fishing families, Bio-Marine Ingredients had ambitious plans to tap into the global demand for high value fish-based products. Now it is seeking to be rescued using the Scarp process.

A little over a year after it was first introduced Scarp, the examinership-lite process, has proved a successful lifeline for Irish firms in financial distress. The next twelve months are likely to see a further uptick in its uptake.

A deal to acquire Theya Lingerie has cratered at the final hour. The award-winning lingerie company has now run the road with Scarp and its process advisors have resigned.

Theya Lingerie was founded by Ciara Donlon to provide women with post-surgery underwear. Selling across Europe and the US, it has now run out of road and its rescue plan through Scarp could lead to a sale.

EMI MR Investments has objected to a rescue plan for the well known George's Street eatery co-owned by chef Dylan McGrath. The firm, owed €700,000 by another of McGrath's ventures linked to Fade Street Social, has put forward an alternative investment plan.