Radio station makes waves with profits
DUBLIN radio station FM104 managed a rare turnaround in 2009 according to its annual report. The UTV-owned broadcaster generated after-tax profits of €1.67m in 2009, compared to a loss in the previous 14 months of €1.9m.
UTV paid €52m for the station in 2007, after competition authorities blocked a takeover by Newstalk owner Communicorp.
Creditors take over at Golden Pages
DEBT FOR EQUITY
THE owners of the Golden Pages have handed the company to its creditors through a Chapter 11 process in the US. Ireland's Golden Pages was unaffected by the deal other than the change in owners. Truvo had debts of €1.4bn, which will be slashed to €475m as lenders swap debt for equity. Private equity owners Apax and Cinven paid €2bn for Truvo in 2007. Now, senior lenders owed around €700m, including Irish fund managers Avoca and Harbourmaster, will take the vast majority of equity.
Web bookings firm records €10m loss
THE Luxembourg company behind Web Reservations International, the Irish internet firm acquired in 2009 for $340m (€225m at the time), posted a pre-tax loss of more than €10m in the six months to the end of 2009. Ray Nolan sold the firm to US private equity group Hellman & Friedman in 2009.
Moody's lowers Anglo bond ratings
RATINGS agency Moody's yesterday downgraded two Anglo-related mortgage bonds, and put both on "negative watch". "The agency deems that, under prevailing weak market conditions in Ireland, the refinancing of even good quality Irish commercial real estate mortgage loans would be challenging," it said.
Japan drops rates in last-ditch rescue bid
THE Bank of Japan has sliced the country's wafer-thin benchmark interest rates in a desperate bid to stop a bleak economic outlook turning worse. Although the move took Tokyo's dealing rooms by surprise yesterday, it had been widely expected since last week that the Japanese central bank would be forced to lower its forecasts.