Wealthy US Hedge Funds are Funding the Sale of QuinnThe 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