High Court approves Goodman bailout plan for Barryroe
Under the plan, a company controlled by Larry Goodman will invest an initial €1.05m into the offshore energy firm with a further €5m to come as needed
The High Court has approved a bailout plan for Barryroe Offshore Energy which will involve a company controlled by beef baron Larry Goodman investing more than €6 million.
Mr Justice Michael Quinn confirmed he was satisfied on the evidence provided to him that the rescue plan should be confirmed. The High Court heard that the plan, which involves unsecured creditors receiving around 70 per cent dividend, will come into effect next week.
Under the plan, Lorsden (Jersey) Limited, a company controlled by Goodman, will invest an initial €1.05 million into the company as part of its new business plan to move away from fossil fuel extraction.