The High Court has confirmed the appointment of an examiner to the company which owns the five-star Ritz Carlton Hotel in the Powerscourt Estate in Co Wicklow. The hotel has 293 employees, with 155 full-time staff.
Ms Justice Mary Finlay Geoghegan said she was satisfied on the evidence CarryLane Ltd had a reasonable chance of survival if conditions were met and she confirmed Declan Taite as examiner.
That evidence included the Ritz Carlton Hotel Company BV (RCHC), operator of the hotel and part of the international Marriott Group, is prepared to invest in it.
Bernard Dunleavy for RCHC said, if the RCHC investment was accepted, it would ensure that Carrylane, which owes the National Assets Management Agency €47 million, would not be saddled with unviable debt costs. RCHC would ensure the debt would be addressed and was also providing a safety net for operating costs for as long as it was involved in this process, he said.
Rossa Fanning, for the company, said there was no opposition to the application to confirm Mr Taite’s appointment.
The judge said the highly unusual factual situation included the “complex and fractured” ownership structure of the hotel and the apparent improbability Carrylane would be trading profitably after examinership.
There was support for examinership from other relevant parties, while Wicklow County Council, owed significant rates, and the Revenue Commissioners were neutral.