Galway Bay fm newsroom - The High Court has approved schemes of survival allowing seven companies controlled by Galway businessman Gerry Barrett, which employ over 330 people, to survive.
Justice Marie Baker said she was satisfied to approve the scheme which will see the seven companies connected to businesses including the 5-star G Hotel, 4-star Hotel Meyrick and the Eye Cinema - formally exit the examinership on December 21st.
The court approved the schemes which were put in place by the examiner following lengthy talks between the companies and the firms main creditors Deutsche Bank.
Senior Counsel Paul Gallagher appearing with Senior Counsel Neil Steen for the bank, said that an agreement had been reached with the Barretts who were withdrawing their objections to the scheme.
The terms of the agreement the court heard are confidential.
The companies, whose directors are Gerry Barrett and Catherine Barrett of Drimbawn House Chestnut Lane, Lower Dangan, Galway sought the protection of the court after Deutsche Bank appointed a receiver over the firms in late August.
The bank is owed more than 690 million euro by the group after acquiring its loans from Nama in 2015.
Previously the court heard that under the schemes an investor called Waltzfire Ltd will put 89 million euro, plus an additional 9 million euro as working capital, into the companies.
As a result of the restructuring the companies will continue to trade as normal securing jobs for more than 330 staff.
