Banks agree to lend Carroll companies more money
A number of banks who are owed millions of euro by companies controlled by developer Liam Carroll have said they are willing to lend the companies more money if a scheme of arrangement is put in place.
Anglo Irish Bank, in a letter, said it had no objection to an examiner being appointed in a bid to save the Zoe Group and is willing to finance the companies further to the tune of more than €60m.
The High Court also heard today that Ulster Bank, KBC, Bank of Ireland, AIB and Bank of Scotland are in support of an examiner being appointed.
In its letter, Bank of Scotland went as far as saying that the companies had a reasonable prospect of survival.
Lawyers for Mr Carroll told the court that the companies are expected to have earned €40m by the end of the year, taking into account rental incomes and dividends.
The property group Zoe owes various financial institutions more than €1bn.
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