An application for court protection for a troubled Galway bakery has been withdrawn after a judge was told yesterday a majority of shareholders in the company are to invest €1 million in it to restore its solvency.
An interim examiner was appointed by the High Court last month to Brogan’s Bakery Ltd, Glenamaddy, employing 82 people, on the application of Michael Brogan, a 40 per cent shareholder in the company.
Mr Justice Peter Kelly was told on that occasion that an independent accountant believed the company had a reasonable prospect of survival if certain conditions were met, including an expected investment of €1 million from Michael Brogan’s brother, Seán Brogan, acting chief executive of Aer Arann.
Yesterday, Rossa Fanning, for Michael Brogan, told Mr Justice Kelly the petition for examinership was being withdrawn as the shareholders have come to an agreement that a majority of them will inject €1 million to restore solvency.
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