Receiver appointed to Greenstar waste company
A receiver has been appointed to the Greenstar waste company, which has sites at Ballynagran close to the Behive pub and Fassaroe in Bray. The company employs over 800 people and serves over 80,000 households nationwide.
The receiver was appointed at Greenstar's request after the banks demanded immediate repayment of the loans.
In a statement, Greenstar said it was disappointed that its lenders had demanded immediate repayment ''of all Greenstar facilities without any prior indication or notice''.
Greenstar owes over €83m to seven banks - Bank of Ireland, AIB, Ulster Bank, HSBC, Barclay's, Rabobank and Certus, which was formerly Bank of Scotland (Ireland).
It had been working to find an investor for the business.
NTR, the parent company of Greenstar, also issued a statement saying it noted the appointment and that the banks have made their own decision on how they want to move forward.
According to Greenstar's website, the company serves 15,000 commercial customers.
The company is headquartered in Ballyogan and provides waste collection services in Dublin, Wicklow, Sligo, Limerick, Cork, Kilkenny and Wexford.