Breaking News
Assets in G Hotel ownership battle worth 60 million euro
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.
The death has occurred of the former Bishop of Galway, Kilmacduagh and Kilfenora Martin Drennan, six years after he announced his retirement on health grounds. He was aged 78.
The Galway Diocesan Office confirmed the death this (Saturday) afternoon of the Bishop and Apostolic Administrator Emeritus, who oversaw the Diocese for eleven years.
Born on January 2, 1944 in Piltown, County Kilkenny, he studied for the priesthood at Saint Patrick’s College, Maynooth, from where he was ordained to the priesthood in 1968. His brother Michael is also a priest.
Following his ordination, he continued his studies in Rome where he was awarded a Licentiate in both sacred theology and sacred scripture. He returned to Rome in 1980 to become spiritual director at the Pontifical Irish College for the next five years.
He became a lecturer in sacred scripture at Saint Patrick’s College, Maynooth, where he continued to teach until his appointment as Auxiliary Bishop of Dublin in 1997 with responsibility for East Wicklow and South Dublin.
Following the retirement of Bishop James McLoughlin, Bishop Drennan was appointed Bishop of Galway and Kilmacduagh and Apostolic Administrator of Kilfenora and he was installed on July 3, 2005 in Galway Cathedral.
Outgoing Cllr Terry O’Flaherty (Ind) is on course to retain her City Council seat – and top the poll in City East.
With 33% of the boxes tallied, Cllr O’Flaherty is polling strongly, particularly in Renmore.
Michael John Crowe is ahead of his running mate Alan Cheevers for the Fianna Fáil vote, according to the early figures, although that could change when Doughiska and Roscam boxes are opened.
The Green Party’s Claire Hillery is on about 7%, with Fine Gael on 10% and Sinn Fein on 5%.
The opening of boxes for the local elections began at 9am this morning in Leisureland when the tallymen (and women) kicked into gear.
As regards the Galway County Council elections, the smaller areas are being opened first which means that the four-seater Connemara North boxes will be first in the pecking order.
It will be followed by Gort-Kinvara (5 seats), Connemara South (5 seats), Athenry-Oranmore (7 seats), Ballinasloe (6 seats), Loughrea (5 seats) and finally Tuam (7 seats).
The boxes in these areas will be opened and tallied in that particular order before being transferred to the Galway Lawn Tennis Club on Threadneedle Road where the counting will commence around mid-morning.
That is when the fun will really begin – although the tallies should give a good indication as to where most of the seats are destined.
As regards the city, the Galway City East boxes were opened first, followed by Galway City Central and finally Galway City West. These votes will be transferred to the Westside Centre by around 11am for counting.
There are 39 seats on Galway County Council to be filled with 18 on Galway City Council. The City Council count is expected to conclude on Saturday night but the County Council count – with seven electoral areas to be filled – could well go into Monday.
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