Sunday February 23, 2020

Moran cedes 80 per cent stake to win writedown But remains in charge thanks to lenders' support

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.

22nd December, 2013
Tom Moran, managing director of Moran Hotels, outside his flagshipn hotel, the Red Cow Hotel, in Dublin. The debt-for-equity deal for his Moran Group was finalised early last week. Picture: Haydn West

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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