Quinn's creditors approve €800m debt write-off

Creditors of Quinn Group agreed yesterday to write off more than €800 million of debt at the conglomerate’s manufacturing business, the company said in a statement.

1st November, 2011

Creditors of Quinn Group agreed yesterday to write off more than €800 million of debt at the conglomerate’s manufacturing business, the company said in a statement.

The approval of the debt waiver by creditors in London yesterday will facilitate the sale of the Quinn Insurance business to a joint venture between Anglo Irish Bank Corp. and Liberty Mutual, according to the statement.

“By permanently removing over €800 million of that debt burden, the...

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