Irish hotelier Tom Moran has ceded more than 80 per cent of the equity of his Moran Group to his lenders, in return for writing down around half of the group's €700 million debt.
The debt-for-equity deal between Moran and his syndicate of lenders was finalised early last week, following months of negotiations.
Under the terms of the deal, Moran will be left with less than 20 per cent of the shares in the group. The...
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