Iceland's Ireland operator Metron Stores Limited is insolvent and unable to pay estimated debts of €36m, High Court hears
Mr Justice Michael Quinn on Tuesday appointed insolvency expert Joseph Walsh as interim examiner to Metron Stores, which operates 26 Iceland outlets in this State and employs over 344 people.
Counsel said the FSAI’s move was a precautionary step caused by several alleged breaches of food legislation. Counsel said the company has taken steps to address the issue and to obtain the appropriate certification. The company has suffered significant losses in the last two years due to a high-cost base. There are other problems such as employment issues, including a strike at one of its stores.Counsel said the independent report, prepared by insolvency expert Cormac Mohan, stated that the company can continue to survive if a scheme of arrangement can be agreed upon between the company’s creditors and if fresh investment can be secured through the examinership process.
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