A majority of creditors for Rathwood, the Irish home and garden retailer, have approved a rescue plan for the company, the High Court heard on Wednesday.
The development marks a pivotal moment for the Carlow-based business, which entered examinership in April after facing significant financial pressure.
Rathwood, which is controlled by the Tullow, County Carlow-based Keogh family, reported liabilities of €21 million in figures provided to the court.
The court was told that the restructuring proposal has garnered sufficient backing to proceed, offering a path to preserve the company's operations and jobs rather than facing immediate liquidation.
Rathwood, which is controlled by the Tullow, County Carlow-based Keogh family, reported liabilities of €21 million in figures provided to the court.
The approval of the rescue plan by the majority of creditors is a necessary condition for the examiners to implement the proposed restructuring.
While the plan has cleared this major hurdle, it still requires formal court sanction to become binding on all parties, including any dissenting minority creditors.