Quinn Group recovery plan sent to lenders
Quinn Group has submitted a detailed restructuring plan to more than 30 lenders as intensive meetings around the group's future continue in London. Sources last night confirmed that the Quinn Group's plan was sent out yesterday afternoon.
The document has gone to almost 30 bondholders who are owed €1.2bn, as well as to all Quinn's banks.
The plan is being explained in detail by the Quinn Group's management team, led by restructuring expert Murdoch McKillop of Talbot Hughes McKillop, at a series of London meetings.
International distressed debt investors, including some who have snapped up small quantities of Quinn Group bonds in recent days, have flocked to London for the meetings.
"Nobody's bought up much of the debt, but there are a lot of people who want to have visibility over the process," one source said. "There's a lot of interest."
It is understood that as many as 19 new investors have taken on Quinn debt in recent months.
Once bondholders have digested yesterday's document -- which focuses on the operational prospects of Quinn's core businesses and the potential for disposals -- they will turn their attention to Anglo Irish Bank's plans to take over Quinn Insurance.
Anglo is expected to present its plans to the bondholders next week. Since the bondholders hold security over assets that sit within Quinn Insurance, doing a deal with them is key for Anglo.