Receiverships on the rise
The collapse of Irish services group Newcourt has market analysts pondering on what banks can do with loss-making companies during a recession
As overtures go, it was hardly the most attractive proposition.
Newcourt, an Irish services group listed on the stock market, last week invited Bank of Ireland to appoint a receiver over the group and to take control of the ailing business.
Newcourt had breached a number of its banking covenants and lacked sufficient funds to service a €50 million loan from Bank of Ireland. Last-ditch negotiations with the financial institution to restructure the debts had...
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