Date Published: 26-May-2011
BY ENDA CUNNINGHAM
ACC Bank has appointed a receiver over the assets of major Galway building firm Cordil Construction, which has debts estimated at more than €30 million.
Company chief Gerry Dillon has admitted the receivership is set to have a “severe impact” on those owed money – trade creditors are understood to be owed more than €6 million.
The bank moved to protect its position in relation to the company, after negotiations over the past fortnight for an overdraft facility failed.
Cordil employed 51 people directly, and more than 400 more subcontractors.
In a statement tonight (Thursday), Managing Director Gerry Dillon said: “Over the past fortnight since we temporarily suspended works on our sites, we have been in negotiation with our banks who in turn have tried to resolve the issue of a floating charge over the company by ACC Bank.
“We continued to approach Ministers, TDs and local councillors to generate support and highlight the impact on suppliers and subcontractors should we fail to obtain temporary working capital.
“We must inform you that ACC Bank have appointed a receiver to Cordil Construction. Unfortunately, a solution could not be found and we regret the severe impact that this situation will have on our suppliers, subcontractors, their staff and families,” he said.
As revealed by the Galway City Tribune a fortnight ago, the company ran into serious cashflow difficulties and closed down its sites around the country – including work on Coláiste Iognáid, the Solas arthouse cinema project and Hibernians Football Club in the city.
Cordil is owed in the region of €4m for contracts with the HSE and Department of Education.
The most recent accounts for the company (up to December 2009) show creditors are owed a total of €27.5m.
The company’s €21m in bank debt is secured against developments in Furbo and Ballindooley in Galway, as well as in Sligo; personal guarantees of €1.7m; mortgage over 15 apartments at Cúirt and Dolain in the Claddagh and an adjacent site and other guarantees given by Mr Dillon and Mr Corrigan.
Galway ‘Park and Ride’ could become permanent
Date Published: 07-May-2013
A park ‘n’ ride scheme from Carnmore into Galway city could become a permanent service if there is public demand.
That’s according to the Chief Executive of Galway Chamber of Commerce, Michael Coyle.
The pilot scheme will begin at 7.20 next Monday morning, May 13th.
Motorists will be able to park cars at the airport carpark in Carnmore and avail of a bus transfer to Forster Street in the city.
Buses will depart every 20 minutes at peak times and every 30 minutes at offpeak times throughout the day, at a cost of 2 euro per journey.
Tuam awaits UK hay import as overnight rainfall adds to fodder crisis
Date Published: 09-May-2013
Tuam is now awaiting a third import of hay from the UK as overnight rainfall has increased pressure on farmers struggling to source fodder.
A total of ten loads are expected at Connacht Gold stores throughout the West with a load expected at the Airglooney outlet this evening or tomorrow.
Farmers throughout the county have been struggling to cope with the animal feed shortage and a below than normal grass growth due to unseasonal weather conditions.
Overnight rainfall in the Galway area has also added to the problem making ground conditions in many areas are quite poor.
Joe Waldron, Agricultual Advisor with Connacht Gold says farmers in short supply can contact the Airglooney outlet on 093 – 24101.
Transport Minister urges end to Bus Eireann strike action
Date Published: 12-May-2013
The Transport Minister is urging drivers at Bus Éireann to engage in talks with management, in an effort to bring their strike action to an end.
There were no Bus Éireann services operating out of Galway today as a result of nationwide strike action by staff affiliated with the national bus and rail union.
Up to 20 Bus Éireann drivers are continuing to picket outside the bus depot at the docks in the city this evening.
Drivers from other unions have decided not to cross the picket line and go into work today – causing the disruption to be even worse.
Bus drivers are protesting against five million euro worth of cuts to their overtime and premium pay – cuts which Bus Eireann says are vital to ensure the future viability of the company.
The majority of services nationwide are disrupted, and the union say strike action will continue until management are willing to go back into negotiations.
However, it’s not expected to affect school services next week.
Galway bay fm news understands that around 70 percent, or over 100 Galway bus Eireann drivers are affiliated with the NBRU.