Jazz's Mulligan caught up in Anglo debt sale
Irish drug tycoon Seamus Mulligan's debt is part of the massive "Project Evergreen" Anglo loan book being sold off by KPMG.
First-round bids for the loans must be lodged by October 11. The loans may either be refinanced by the original borrower or sold to institutional players.
Mulligan and trusts associated with his family have sold €60m worth of shares in Jazz over the last year. He is thought to have loans associated with the Four Seasons hotel in Prague.
Part of Mulligan's Anglo debt is disputed and may lead to legal proceedings.
The scramble by former Anglo borrowers to refinance is ongoing. Stockbroking house Davys and service station businesses Topaz and Applegreen are thought to be among those busy seeking to raise finance. Loans related to the Shelbourne Hotel, Arnotts, Jurys Inns and the 'Racing Post' are also on the block.
It is understood that loans associated with Paddy McKillen and hotel group Tifco are not now part of the "Project Evergreen" process.
Some of the peachier loans are likely to be snapped up by buyers, around €900m worth of more troubled borrowings are likely to go straight into Nama. It is understood that a group from the former IBRC is ready to move into Nama to handle these loans.
The sales process has been hampered by a lack of available trading information, making valuations difficult.