Wealthy US Hedge Funds are Funding the Sale of Quinn
The sale of the remnants of the Quinn has been funded by wealthy American hedge funds Brigade Capital, Silver Point and Contrarian, according to the Sunday Independent.
The
three hedge funds are financing the purchase of most of the assets of
Aventas, formerly known as Quinn Group, by a group of local businessmen
from the Cavan/Fermanagh region.
The businessmen operate as the Quinn Business Retention Group; their members include Fine Gael councillor John McCartin.
The
assets in question include cement factories, quarries, tarmac, roof
tile and insulation businesses, and a packaging division. Around 700
people are employed in these businesses.
The
hedge funds have provided in the region of €90m for the deal, which
will mostly go to the 43 bondholders who Quinn owed money to when it
collapsed. Brigade Capital, Silver Point and Contrarian were among those
ranks, so in effect, the deal will reduce the number of bondholders
involved in the business from 43 to three.
Source: Irish Independent
