Irish Bank Resolution representatives get court approval to sell loans

By Kali Hays

New York, May 13 - Irish Bank Resolution Corp. Ltd.'s foreign representatives, Kieran Wallace and Eamonn Richardson, obtained court authorization to sell three sets of company loans, according to separate Tuesday orders with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, one sale is of the company's tranche two and three Sand loan portfolio assets to LSF Irish Holdings XLVII or its designee and the tranche four Sand loan assets to Sandalphon Mortgages Ltd.

The other assets being sold are Irish Bank Resolution's Rock U.S. loan assets to LSF III Wight Ltd. or its designee JPMorgan Chase Bank, NA and 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 purchase prices for any of Irish Bank Resolution's assets because that information is highly commercially sensitive, according to the motion.

The representatives said that 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.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.