Altada | Business Post

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Altada loan lenders told company could be ‘comfortably’ sold for $160m

New High Court affidavit claims lenders told sale of company was imminent and would be managed by JP Morgan

Altada liquidator alleges private investors urged company to ‘burn’ creditors owed €10m

The directors of the Cork-based tech firm were allegedly told to set up a new phoenix-type entity called ‘Altada 2’ and ‘shake-off’ unsecured creditors owed millions

Enterprise Ireland writes off €47m in investments over last five years

State agency has written off investments in nearly 260 companies since 2018

Creditor claims Altada liquidator queried loan to distract from his own misstep

Alan Bruce, one of four lenders of €500k to the troubled tech firm, alleges accountant John Healy’s actions led to cut-price sale of assets

Altada made €27k payments to staff at private school in Cork

Payments from tech company to 16 individuals associated with Rockboro primary school came at a time when the firm was experiencing severe financial problems and laying off staff

Altada liquidator has ‘significant concerns’ around €500k loan

John Healy’s affidavit claims a secret ‘board meeting’ was held at the AI company to discuss a €500k emergency loan, which shareholders weren’t told about for two months

Altada directors alleged to have ‘perpetrated fraud’ over €500k loan

In an affidavit lodged with the High Court, liquidator John Healy of Kirby Healy outlines “significant concerns” around the emergency loan and charge against the assets of the troubled tech company last September

Corporate Enforcement Authority opens investigation into tech firm Altada

The Business Post has learned that a search warrant was executed on a premises last week on behalf of the state’s corporate watchdog

Cometgaze buys Altada out of receivership in €2.5m deal

The Cork-based tech company was put up for sale in November last year after it ran into significant financial difficulty and owed almost €10 million to creditors

New twist in Altada sale as lower bid is accepted

A rival bid worth an estimated €1 million more appears not to have succeeded

Staff revolt fails to put off Altada buyer

Potential buyer of troubled tech firm says deal will go through regardless of whether current workers quit

How Altada burned through €11.5m funding to leave it like ‘a melting ice cube’

The Business Post last year revealed a culture within the Cork-based tech firm of heavy spending on events including expensive hotel stays. The insolvent firm has now been sold for €4 million, having been talked about as a potential €1 billion valued unicorn just a year ago

Exclusive: Altada to be sold to founding investor in unexpected turn of events

Datech, which is led by Jeffrey Leo, is expected to succeed in its bid to acquire the tech firm ahead of a rival offer

Evening Headlines

Altada receiver agrees sale to entrepreneur despite higher offer; Rise in surplus office space

The stories you need to read this evening in business, politics and current affairs

Altada receiver agrees sale to Irish entrepreneur despite higher offer from rival bidder

Eoin Goulding, who founded cybersecurity company Integrity360, has agreement with receiver to buy the troubled tech firm, the High Court has heard

Exclusive: Altada’s accounts show it lost €7m in the ten months before receivership

Unaudited accounts seen by the Business Post show the financial situation in the Cork-based tech firm that was touted as a unicorn before it entered difficulties

Former investor who lost $1m comes back to bid for Altada

JKO Capital, a vehicle led by former Formula One boss Eddie Jordan and Keith O’Loughlin, is also seeking to buy firm from receivership

Former investor files petition to liquidate Altada as deadline for new buyers nears

The Cork-based AI firm which was once touted a billion-euro start-up was placed in receivership in November after it ran into financial difficulties

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