BLACKSHORE HOLDINGS, which is owned by Galway businessman John Sweeney, has gone into interim examinership.

Blackshore comprises Sweeney’s oil, property and hotel interests. It is the parent company of Galway-based oil distribution business Fate Park, which itself went into examinership last April after developing cash-flow difficulties.

It is understood that during that course of that examinership, it emerged that one of Fate Park’s creditors, Esso, had obtained a parent guarantee from Blackshore.

Esso Ireland recently made a petition to the High Court to wind up Blackshore.

In order to protect itself from this winding-up petition, which was due to be heard on Monday February 1st, Blackshore obtained court protection on Wednesday and appointed insolvency expert Michael McAteer of Grant Thornton as interim examiner yesterday.

A full examinership hearing will take place on February 8th.

Fate Park owed creditors €17.3 million when it went into examinership.

Esso was the biggest creditor, being owed €12.5 million.

It was reported at the time that Fate Park’s problems related to the funds it extended to other companies controlled by Mr Sweeney.

For example, it extended “credit” of more than €20 million to Blackshore in the form of fuel supplied to filling stations.

Fate Park was subsequently bought by Top Oil, a subsidiary of the Tedcastles fuel business which is controlled by the Reihill family.

Sweeney is the biggest shareholder in the consortium that owns the Shelbourne Hotel. Although best know for this investment, he has other hotel interests including the Station House Hotel in Clifden.

Blackshore Holdings is his main vehicle.

It recorded a loss of €7.9 million in the year to the end of February 2008.