IBRC loans sale an application of lopsided notion of equity

[BoyRacer]

IBRC loans sale an application of lopsided notion of equity - → irishtimes.com/business/sect … -1.1627707

Denis O’Brien, the wealthy tax-exile who is one of the investors behind services station chain Topaz, has bought its loans at an undisclosed discount.

The sale of the first tranche of Irish Bank Resolution Corporation loans by the official liquidators can be adjudged a success notwithstanding some confusion around a number of the sales.

KPMG succeeded in finding buyers for nearly all of the the loan book albeit at undisclosed discounts. It bodes well for the sale of the remaining portfolios which will take place over the coming months. We are step closer to dealing with the toxic legacy left by Anglo Irish Bank.

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Topaz loans of €304m were purchased for €150m according to this article:

irishtimes.com/business/sect … -1.1700846

The group, which operates about 330 petrol stations across the country and accounts for about a quarter of the market, is likely to return to profitability this year, however, following Mr O’Brien’s purchase of about €304 million of the group’s loans from Irish Bank Resolution Corporation.

Mr O’Brien, who was previously a minority shareholder in Topaz alongside Neil O’Leary’s Ion Equity group, is reported to have paid about €150 million for the loans.