independent

Thursday 17 April 2014

Was price right for advice?

The near two-year restructuring of the Quinn Group cost a hefty €54m in advisers' fees as bankers, lawyers and accountants were among those who shared in the spoils.

Anglo Irish Bank took a minority stake in the company amid a €2.9bn debt owed to it by businessman Sean Quinn and his family.

The €54m pales in comparison to the huge debt, but it again calls into question the level of money paid out in professional fees.

The new holding company – Quinn Group Holdco Ltd – has said that the long restructuring process reduced the group's debt by €913m, resulting in net debt at the end of last year of €469m.

Chief executive Paul O'Brien said the group now has a sustainable level of debt. So, the question is, was the restructuring process value for money?

Irish Independent

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