Following the news that Broadhaven Credit Partners have rescued the McGettigan Group from examinership with a €35 million investment, it's been announced that the latter company has refinanced Dublin's Regency Hotel's debts of about €25 million at par thanks to Broadhaven's support.
The Sunday Business Post reports the McGettigan Group is said to be working on an investment for the Regency to enhance its current facilities and maximise the venue's potential. The family run hotel firm is also working on a plan to rebrand the Regency in an attempt to distance it from the negative publicity surrounding a gangland shooting at a boxing weigh-in at the hotel last year.
The Regency was forced to go into examinership when its former lender, Oaktree Capital, made a bid to put the company into receivership. According to Neil Hughes of accountancy firm Baker Tilly Hughes Blake, which served as the Regency's examiner, "The outcome was very satisfactory for all stakeholders involved and the case represents what [he believes] is only the third examinership whereby all creditors have been paid in full since inception of the legislation."
