Displaying items by tag: Bailout
'Bailout' Sanctioned for Galway VOR Stopover
#VOR - The Galway City Tribune reports that Taoiseach Enda Kenny has sanctioned a bailout for outstanding debts owed by the organisers of this summer's Volvo Ocean Race finale in Galway.
Minister for Tourism and Sport Leo Varadkar had previously ruled out any Government assistance to cover the €400,000 in debts owed by Let's Do It Global to numerous suppliers.
Let's Do It Global was subsequently moved to declare that a decision on bidding to host a third stopover is "postponed" while it concentrated on settling with its creditors.
But now unconfirmed reports suggest that Government funding will be provided in January to cover €360,000 of the debt.
Galway West TD Brian Walsh told the Tribune he is "confident that the issue in relation to debts will be sorted out, and that the creditors - many of whom are small businesses - will be paid."
Though it is unclear when Galway will be prepared to tender for a third hosting of the round-the-world yacht race, organisers for Dun Laoghaire have recently announced their intention to bid for the 2016 race - and cash in on the success of the event in the City of the Tribes this year.
