examinership
Caterpillar Financial Services and AIB Finance face losing
millions following a decision that creditor Howley Civil
Engineering will not receive refinancing to keep it alive.
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The two lessors are owed some €8.5m by Howley, one of Ireland’s
biggest earth-moving contractors with 430 staff, which entered
examinership – the Irish version of an administration – in
June.
Examiner Brian McEnery had hoped that Howley would be kept alive
through an injection of fresh capital, but it was announced
yesterday in court by John Breslin, counsel for McEnery, that this
had not been secured.
Howley Civil Engineering, of Rossmore, Carrigtwohill, Co Cork,
had turnover of €37m in the year to the end of June 2006 and made
an operating profit of €1.9 million. At that time, it had retained
profits of €7.9m but had net debt of €7.2m
The lessee had been involved prior to its examinership in major
projects including the M3 motorway and the redevelopment of
Lansdowne Road stadium.
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