Quinn Group says restructuring completed after two years' talks

The Quinn Group says its restructuring has been fully implemented, after almost two years of negotiations. The group is the industrial conglomerate formerly owned by Seán Quinn and his family. In October creditors of the group approved proposals to restructure its debts to cut €800 million from the liabilities of the manufacturing business.

In a statement this morning, the group said the relevant legal documentation had been completed. “The conclusion of the restructuring represents the culmination of nearly two years’ complex negotiation and uncertainty for the Quinn Group,” chief executive Paul O’Brien said.

“By permanently removing over €800 million of debt burden and placing the manufacturing businesses on a sound financial footing, we can focus all our efforts on implementing our plans for the business.”

The group’s insurance arm, Quinn Insurance, was sold to US insurer Liberty Mutual Group, with Irish Bank Resolution Corporation (formerly Anglo Irish Bank) owning 49 per cent.