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.
Appeal for information following Portumna crash
Date Published: 08-May-2013
Gardai are appealing for witnesses following a single vehicle crash at the Portumna bridge this morning.
The road from Nenagh to Loughrea reopened shortly after 11 this morning following the completion of a technical exam.
Four men were travelling in a van when they hit the Portumna bridge around 6:30 this morning.
Gardaí, ambulance and two units of Portumna fire services rushed to the scene, and one of the men was taken to Portiuncula hospital in Ballinasloe.
He is being treated for head injuries, which have been described by Gardaí as serious.
Anyone with information is asked to contact Portumna Garda station on 09-097-42060
President Higgins among GMIT’s first ever honorary fellowships
Date Published: 10-May-2013
GMIT is to honour seven outstanding individuals including President Michael D Higgins with Honorary Fellowships at a special ceremony later this month.
It’s the first time in the 40 year history of the Institute the Governing Body of GMIT has decided to award honorary fellowships.
The GMIT Honorary Fellowships will be conferred at the g Hotel in the city this day two weeks Friday 24 May at 2.30pm in front of 200 invited guests.
Galway commuters hold their breath as LRC intervenes in bus strike
Date Published: 13-May-2013
Galway commuters are holding their breath as there has been a potential breakthrough in the Bus Eireann dispute, as both sides have agreed to talks at the Labour Relations Commission.
The LRC intervened this afternoon, on day two of strike action that has seen 95 per cent of bus services disrupted across the country.
The LRC’s Director of Conciliation Services, Kevin Foley, says the National Bus and Rail Union and the company have agreed to meet for mediated talks at 8 this evening.