merrion street

Finance Minister Michael Noonan today noted that Anglo has appointed a share receiver over the Quinn family’s shares in the Quinn Group.

The Share Receiver has subsequently appointed a number of non-executive directors to the board of directors of Quinn Group (ROI) Limited, and as a result, Sean Quinn and the Quinn family will no longer have any role in the management, operations or ownership of the Quinn Group.

The Minister stated:

I welcome the debt restructuring plan which has been agreed in principle between Anglo Irish Bank and the Group’s lenders.  This structure will enable the good and strong businesses to continue to trade and grow.  It is particularly important that there will be no impact on employment, on trade creditors or on day to day operations of the Quinn Group.

In relation to Quinn Insurance Limited, the Minister said:

I am constrained in what I can disclose in respect of a commercial sales process, which remains ongoing.  It is important to note that responsibility for the sales process is a matter for the Joint Administrators who were appointed by the High Court.

I note that the sale of Quinn Insurance is nearing completion with the joint venture between Liberty Mutual (a large US insurance company) and Anglo identified by the Joint Administrators as the preferred bidder.  This is subject to regulatory approval, and the completion of contract details.

I welcome the positives of the proposed agreement in that almost all 1,500 jobs in Quinn Insurance will be retained.