Vulture fund to reach agreement with Kenny Galway

The vulture fund which appointed a receiver to Kenny Galway a month ago has agreed to reach a solution with the car dealership over repayments.
At a follow-up hearing in the High Court today the vulture fund withdrew its objections to the interim examiner appointed by the High Court on November 18th.
This means the business is free to trade as normal and is safe into the foreseeable future.
Kenny Galway closed suddenly on Wednesday November 16th after a receiver moved into the car showroom and garage on the Tuam Road on the instruction of Sankaty, part of the Bain Capital vulture fund.
However two days later the High Court appointed an interim examiner which replaced the receiver.
Ms Justice Marie Baker appointed Neil Hughes interim examiner after accepting the firm, while insolvent, has a reasonable prospect of survival once certain conditions, including procuring investment, are met.
Owner Brian Kenny re-opened for normal trading the next day re-employing the 33 staff.
Ms Justice Baker made further interim orders restraining a fund-appointed receiver taking any further steps in the receivership pending the matter returning to court today.
At the High Court today the vulture fund withdrew its objections and undertook to find a solution to the repayments issue.
In a statement issued after today’s court, owner Brian Kenny said he was delighted with the result, and was delighted for customers, staff and all involved.