The packaging group’s recapitalisation is beginning to deliver improvements to its financial performance. Some holders of high-risk bonds squeezed out in last year’s transaction still want a better deal.
MDS, the builders of the Ringfort Estate in Co Meath, had tried to take over the site last year with an offer of €3m. But the offer was turned down by the receivers as too low.
Fifteen years on, banks may seem safer, but risk has slipped into the shadows. Mike Aynsley warns that the next financial crisis could already be funded — with Ireland at the heart of a fragile global system.
The housing estate in Rathmolyon, Co Meath, was aimed at first-time buyers but when it ran into trouble it featured extensively in the media. Now a liquidator has been appointed to it.
Goldstein Property Icav, whose investments are managed by Mel Sutcliffe’s Quanta Capital, is seeking documents and deposition from Relm’s backers Avenue Capital in New York. Quanta also claims documents were improperly removed from its office.
Back in 2022, Paddy McKillen Jr controlled interests across property, hospitality and serviced offices. As loans are called in, cross-guarantees given at the time are now biting.
Paddy McKillen Jr’s serviced offices business wanted the Commercial Court to return possession of three properties taken over by Relm-appointed receivers – but failed.
Creditors fought to install an examiner over the objections of Senoptica CEO and co-founder Brendan Rice. An “unusual” committee of creditors has been installed to allay his concerns.
The founders of Senoptica have hit back in the Circuit Court against a move by loan-note holders to appoint an examiner to the business. They now want a joint examiner appointed.
By borrowing against its PLC shares instead of selling them at the time of its de-merger from Glanbia in 2022, the farmers’ co-op has made a multi-million-euro gain.
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