Business Irish

Thursday 19 October 2017

Eircom creditors vote for scheme

THE scheme to hand Eircom to secured lenders moved a step closer yesterday after it got the nod at creditors' meetings in Dublin. Two classes of creditors voted by significant majorities in favour of the proposals. Yesterday "first lien" lenders, owed €2.7bn, voted by 70pc in terms of value and 66pc by number of institutions in favour of the plan. "Second lien" lenders, owed €350m, also backed the scheme, with 72pc by amount owed and 56pc by number of lenders in favour.

McHugh named to Origin board

APPOINTMENT

ROSE McHugh has been appointed to the board of Origin Enterprises as a non-executive director. She replaces Hugh Cooney who resigned. Ms McHugh is head of corporate finance with Merrion Group and non-executive chairman of An Board Iascaigh Mhara. Ms McHugh holds no shares in Origin or in its 68.8pc shareholder, Aryzta.

Datalex 'performing to expectations'

TECHNOLOGY

TRAVEL software group Datalex yesterday said it was performing in line with expectations and its full-year operating profit will be close to 2011. In an interim management statement, the company said cash generation and enterprise value will "significantly increase".

Redmond takes up Permanent TSB job

BANKS

NEWLY-restructured Permanent TSB has named Goodbody's head of internal audit Paul Redmond as the bank's new audit chief. The hiring is one of six senior roles to be filled at the Permanent TSB group, which is being restructured into a 'core' bank, a run-down unit and UK-based CHL. Further appointments are expected imminently.

Total Produce says earnings on target

FRUIT & VEG

IRELAND'S largest fresh produce distributor, Total Produce, says it is on target to deliver 7pc-plus earnings per share. The group has increased its interests in South Africa, Holland and Ireland and is now delivering 250 million cartons of fresh produce across Europe.

Irish Independent

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