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Irish Bank Resolution representatives look to sell three sets of loans
By Caroline Salls
Pittsburgh, April 22 - Irish Bank Resolution Corp. Ltd.'s foreign representatives requested court approval to sell three sets of loans, according to Tuesday filings with the U.S. Bankruptcy Court for the District of Delaware.
Under one sale, foreign representatives Kieran Wallace and Eamonn Richardson are seeking approval to sell the company's tranche two and three Sand loan portfolio assets to LSF Irish Holdings XLVII Ltd. or its designee and the tranche four Sand loan assets to Sandalphon Mortgages Ltd.
The representatives are also looking to sell Irish Bank Resolution's Rock U.S. loan assets to LSREF III Wight Ltd. or its designee JPMorgan Chase Bank, NA.
In addition, Wallace and Richardson want to sell the company's Pebble U.S. loan assets to Clarendon Properties (Overseas) Ltd. or its designee.
The representatives said they would not publicly release the proposed purchase prices or release the purchase prices to bidders for any of Irish Bank Resolution's assets because that information is highly commercially sensitive.
According to the motion, preserving the confidentiality of the purchase prices will allow the company to obtain the highest and best price available for its other loan assets.
The representatives said the nominal gross loan balance of the Sand loan portfolio is €1,795,000,000, the nominal gross loan balance of the Rock loan portfolio is £4.8 billion, and the nominal gross loan balance of the tranche 2 Pebble loan assets as of Dec. 31 was $142 million and €5 million.
The sale hearings are scheduled for May 13.
Irish Bank Resolution, a Dublin-based successor to Anglo Irish Bank, filed for bankruptcy on Sept. 17, 2013. The Chapter 15 case number is 13-12159.
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