Monday 23 April 2018

Quinn family refuses to give up on rescue plan for insurance arm

But administrators and Anglo Irish Bank dismiss talk of plan to 'rescue' company

Laura Noonan

CONFUSION around the sale of Quinn Insurance deepened yesterday after the family of Sean Quinn insisted that it was still involved in a plan to rescue the company.

The comments came a day after the administrators of Quinn Insurance had told the workforce that there was "no Quinn family proposal" and no "Quinn/Anglo proposal" to take over the firm.

However, in a statement yesterday, the Quinn family shareholder said it was "working in conjunction with Anglo Irish Bank" on a plan.

This plan, it said, "has been with the board of Anglo Irish Bank and available to the relevant departments of the Government for over six months".

It added: "The Quinn family remains fully committed to the successful implementation of this proposal.

"We continue to impress upon all stakeholders the need to give the proposal full and proper consideration to ensure that its objectives are achieved."

But sources close to Anglo have said the bank was no longer working with the Quinn family on a proposal and was instead working with a trade partner, believed to be US insurer Liberty Mutual.

Anglo is still engaging with the Quinn family in the wider context of the €2.8bn debt pile owed by the family.

The Quinn family's spokesman yesterday refused to comment on whether the family was still "actively engaged" in the Quinn Insurance sales process.

A spokesman for the administrators said they would "not be adding" to yesterday's email and declined to clarify the references to the Quinn family.

Earlier in the week, they had told employees that the sale process was "likely to conclude no sooner than two weeks and no longer than four weeks".

As few as two bidders are believed to be left in the process, which is being handled by merchant bank Macquarie.

Irish Independent

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