Quinn assisted by finance experts
Published 14/04/2010 | 14:10
Tycoon Sean Quinn has called in specialist financial advisors to put his empire on a sure footing while his flagship insurance division battles a potential takeover.
Experts at London firm Talbot Hughes McKillop (THM) have been asked to help restructure the multinational as the Quinn family and Group faces total debts of about €4bn.
Quinn has until Friday to finalise its case for fighting administration, a move imposed by the Financial Regulator amid fears the company cannot cover an influx of claims.
The company, which is set to find out watchdog Matthew Elderfield's thoughts on its in-house refinancing plans, is facing a High Court showdown next Monday over administration.
It said THM partner Murdoch McKillop has been appointed interim executive director of the Quinn Group. Liam McCaffrey, Quinn chief executive, said the advisor would help Quinn work through difficulties.
Quinn was granted a week-long reprieve on attempts to place his flagship insurance company under permanent administration.
Mr Elderfield was given a last minute "lengthy affidavit" from beleaguered Quinn Insurance just as a court showdown between the pair was to about to start.
Mr Quinn, once Ireland's richest man, is fighting to keep control of the lucrative business after the regulator raised concerns over its ability to pay a potential influx of claims.
Quinn has admitted the insurance wing needs a cash injection of up to €150m.
Anglo-Irish Bank, which is owed €2.8bn by the Quinn family, has tried to step in with an offer of refinancing. Quinn Healthcare and Quinn Direct are in provisional administration.