An Irish developer has had €7.7 million of debts written off under a court-approved personal insolvency arrangement (PIA), the Irish Times reported. Mr. Justice Alexander Owens approved the application made on behalf of Co Roscommon-based Ronan Meeley and an interlocking PIA for his wife, Niamh Meeley. Mr. Meeley (52), who is now employed as a hotel maintenance worker, had debts totalling €8.2 million arising from his construction and development businesses that entered receivership during the recession.

Irish developer Michael O’Flynn has been blocked by the High Court from raising any objections to the personal insolvency agreement of a neighbour John O’Driscoll over a guarantee on a €2.2 million loan, the Irish Times reported. The developer who contended that Mr. O’Driscoll from Ovens, County Cork, was allegedly not insolvent, failed in his bid to overturn a Circuit Court ruling that he had no right to be heard on the matter. In the High Court, Mr. Justice Alexander Owens upheld the Circuit Court ruling that because Mr. O’Flynn who had been invited by Mr.

Mallinckrodt plc on Monday announced that it expects to complete its reorganization process, emerge from Chapter 11 and complete the Irish Examinership proceedings in the coming days, according to a press release. On the effective date of emergence, all of Mallinckrodt's existing ordinary shares will be canceled pursuant to the company's reorganization plan and the Irish scheme of arrangement. Mallinckrodt expects to issue at emergence 13,170,932 new ordinary shares to its guaranteed unsecured noteholders in accordance with the provisions of the plan and the scheme.

We.trade, one of the earliest blochcain coalitions for trade finance is entering insolvency after its banking shareholders pulled the plug, Finextra.com reported. The company was formed in 2017 as a consortium that eventually included a dozen major banks such as Deutsche Bank, HSBC, Santander, Societe Generale and UBS. Yesterday the Irish Independent reported that the company is winding down its operations and has has proposed appointing PwC as a liquidator.

Lessor Nordic Aviation Capital (NAC) has emerged from Chapter 11 restructuring process, having eliminated nearly $4.1 billion of debt, Aerotime Hub reported. As part of its restructuring process, the lessor increased its liquidity with access to $537 million in additional capital to fund operations. In December 2021, NAC filed for chapter 11 bankruptcy proceedings. In April 2022, NAC received approval for its restructuring plan from the Bankruptcy Court.

Drugmaker Mallinckrodt PLC has obtained support among unsecured bondholders to fund its exit from chapter 11 after a chilly reception from the leveraged credit market, WSJ Pro Bankruptcy reported. The Ireland-based company had been struggling to complete a financing deal needed to emerge from bankruptcy and has been working with Morgan Stanley to find investors.

European judges have postponed a ruling on a Ryanair challenge to Germany’s €320 million bailout of rival airline Condor during the Covid-19 crisis, the Irish Times reported. Ryanair asked the European courts to overturn a European Commission decision to allow the German government to lend Condor €550 million in April 2020 for damage done by Covid flight cancellations. The General Court of the European Union was due to rule on Ryanair’s challenge to the commission’s decision on Wednesday, but postponed its judgment until further notice.

May 4 Report: Snarled-Up Ports Point to Worsening Global Supply Chain Woes Global supply chain problems look to set to worsen, a new report published on Tuesday said, as China's COVID-19 lockdowns, Russia's invasion of Ukraine and other strains cause even longer delays at ports and drive up costs, Reuters reported. The study by analysts at Royal Bank of Canada (RBC) found that one-fifth of the global container ship fleet was currently stuck in congestion at various major ports.

Ireland needs to sort out a group of zombie companies that have survived on Government support during the pandemic, leading law firm McCann Fitzgerald says. And other “viable but broken” businesses that have built up debt through forbearance need to act now to protect their operations, the Irish Times reported. David O’Dea, a restructuring and insolvency partner at the law firm McCann Fitzgerald, says insolvency business in Ireland will return to normal levels after two years when company failure numbers fall back to the easy-credit Celtic Tiger era.

Restaurateur Jay Bourke has been declared bankrupt by the Irish High Court on the back of an application by the Revenue Commissioners over a tax debt of €558,000, the Irish Times reported. Bourke tried to secure a debt write-off plan, known as a personal insolvency arrangement, to reduce the bulk of his €13.7 million in debts but this was withdrawn earlier this month after one of his creditors, Pepper Finance, which is owed €12.2 million, objected.