SEVERAL INVESTORS have expressed serious interest in investing in the Sasha chain of ladies clothing stores, which remain under court protection and on which 500 jobs depend, the High Court was told yesterday.
Mr Justice Brian McGovern yesterday confirmed the appointment of David Carson of Deloitte as examiner to Denholme, an unlimited company trading as Sasha.
The judge was told by Colm Allen SC, for the company, that there had been "nine serious expressions of interest" from investors in Sasha, which has 42 stores nationwide.
Last month, on the petition of company directors William Wallace and Angela Cahill, the judge had appointed Mr Carson as interim examiner after being told the company had a reasonable prospect of survival provided certain conditions were met.
When the matter came back before him yesterday, Mr Justice McGovern also agreed to an application by Rossa Fanning, for the examiner, that Sasha pay a debt of approximately €112,000 owed to a freight company which has more than €500,000 worth of seasonal clothing stock in storage.
The court heard the amount owed to the freight company had been previously underestimated and Sasha wanted to have the stock available before Christmas.
The judge also agreed that all credit notes and vouchers for Sasha, worth more than €300,000, be honoured during the period of examinership after being told that a failure to honour would have an adverse PR effect on the company.
The judge also granted the examiner an extension to January 16th to allow him to prepare a report for the court.
The court heard previously that the firm was currently unable, or likely to be unable, to pay its debts, totalling some €10 million.
The company's creditors include Bank of Ireland, which is owed more than €2.4 million, and the Revenue Commissioners, which is owed €2.18 million.
It employs 380 people directly while 120 additional jobs are indirectly dependent on it.
In a report to the court, an independent accountant expressed the view that the company had a reasonable prospect of survival, provided certain conditions were met, including the finalising of a scheme of arrangement and the securing of additional investment.
