Irish Bank Resolution asks to sell loan after prior deal falls through

By Kali Hays

New York, Nov. 3 – Irish Bank Resolution Corp. Ltd.’s foreign representatives, Kieran Wallace and Eamonn Richardson are seeking court approval to sell a single company loan to Breccia, a private unlimited company in Ireland, according to an Oct. 31 motion with the U.S. Bankruptcy Court for the District of Delaware.

The proposed sale pertains to a single tranche within its Blackrock loan asset portfolio which the company divided into five tranches.

Breccia’s purchase price is not specified, but the representatives said the offer exceeds both par value of the loans and all other bids received for the assets.

The nominal gross balance of the total asset portfolio is €16.15 million, according to the motion.

A sale of the tranche along with two others to JCS Investment Holdings XIV Ltd. was approved by the court in May, but failed after JCS refused to close the sale.

Irish Bank Resolution and its special liquidators decided that instead of attempting to enforce the original sale transaction with JCS, a new sale process would be in the best interest of the estate and its creditors, according to the motion.

If approved, the sale to Breccia is expected to close by Nov. 24.

A hearing to approve the sale is set for Nov, 21.

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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