Irish Bank Resolution approved to sell loan assets, leasehold interest

By Lisa Kerner

Charlotte, N.C., Feb. 14 - Irish Bank Resolution Corp. Ltd. was granted court approval to sell U.S. loan assets to LSF VIII Origination Holdings Ltd., as well as to sell a leasehold interest to the Tampa Port Authority to complete a settlement between the company and authority, according to a Feb. 14 filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Irish Bank Resolution said the tranche that includes the U.S. loan assets contains about 475 Irish-originated corporate loans, involving 52 borrowers. The sale of the non-U.S. assets in that tranche was expected to close on Jan. 24.

The company said it would not publicly disclose the purchase price for the U.S. loan assets but said the consideration offered exceeds both the valuation price and the proposed consideration offered by all other bidders in the second phase of bidding.

Following the failure of efforts to sell the leasehold interest as part of a portfolio of assets in 2011, Irish Bank Resolution said the authority resumed litigation of a related lawsuit.

Under the proposed settlement, Irish Bank Resolution will assign its interest in a note, mortgage and assignment of leases to the authority in exchange for a $5.75 million payment.

The lease lawsuit will also be dismissed under the agreement.

Irish Bank Resolution, a Dublin-based successor to Anglo Irish Bank, filed for bankruptcy on Sept. 17. The Chapter 15 case number is 13-12159.

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