Ocean Race organisers seek €300k Govt bail-outSeptember 28, 2012 - 7:15am
BY ENDA CUNNINGHAM
The organisers of the Volvo Ocean Race grand finale in Galway have sought a Government ‘bail-out’ to help pay off the €400,000 they owe up to 60 suppliers.
And Let’s Do It Global have said they cannot guarantee all creditors will be paid, and conceded the company could be threatened with liquidation.
The Galway City Tribune has learned that around €400,000 is owed to between 50 and 60 suppliers around the country in amounts ranging from several hundred euro up to around €40,000.
It’s understood that Fáilte Ireland has already refused a bailout, and a total of up to €300,000 is now being sought from the Department of Transport and Tourism and Dept of Agriculture, Food and the Marine.
One disgruntled creditor – Alan Collins from ‘Exhibit A Displays’ in Tralee – claims he was told his invoice for almost €10,000 would “go to the bottom of the pile” after he printed up a 25ft wide trailer sign reading: “Shame on you Let’s Do It Global’ and parked it outside the organisers’ offices at the Docks for two days this week.
John Killeen, Chairman of Let’s Do It Global (LDIG) told the Galway City Tribune: “We owe around €400,000 and we are owed €170,000 ourselves. We’re working hard to balance things, and we have to collect everything in before we pay out. We can’t give preferential treatment to any creditors.
“It’s our ambition to pay everybody … we can’t give a guarantee, because we can’t be guaranteed the money [which LDIG are owed] will come into us,” he said.
Asked if the company could potentially be facing liquidation, Mr Killeen said: “If people come looking for money, demanding it, they may go into court and then yes, the company could be liquidated. Our ambition is to pay all the bills.”
For more on this story, see the Galway City Tribune.