Galway Bay fm newsroom - An independent report on seven companies controlled by Galway developer Gerry Barrett has revealed that the group has assets worth 60 million euro.
It's as the group is battling with Deutsche Bank to retain ownership of the G Hotel and Eye Cinema in the city.
Deutsche Bank has been the main lender to the companies since 2015, when it acquired the loan book from NAMA.
It appointed KPMG as receiver to the G Hotel and Eye Cinema in the past week - with representatives arriving at the five star hotel as a wedding reception was getting underway.
Gerry Barrett subsequently applied to the High Court to have an interim examiner appointed and was successful in his bid.
An independent expert report on seven companies controlled by Gerry Barrett has now revealed that at its peak, the group secured debts of €698 million.
The accounting report prepared by Joe Walsh further notes that the value of the underlying assets were just a fraction of this sum.
According to the Sunday Business Post, the remaining assets in the group are now worth between 55 and 60 million euro.
Walsh also notes that the group has refinanced Scotch Hall shopping centre in Drogheda outside the group anda also sold a site in Waterford, repaying €37.5m to Deutsche Bank.
However, it was unable to refinance other assets within the deadline of December 22nd set by Deutsche Bank to refinance certain core assets and sign a settlement agreement.
Following the appointment of an interim examiner last week, the seven companies will have protection from Deutsche Bank and their other creditors for a period of 100 days.
A spokesperson for Gerry Barrett has said that the companies concerned are trading profitably - and it will be business as usual during the process.
