Irish Bank Resolution sale procedures for hotel, pub assets approved

By Kali Hays

New York, May 12 – Irish Bank Resolution Corp. Ltd.’s foreign representatives received approval of bid procedures for the proposed sale of the loan or operational assets of the company’s Mandarin Oriental Boston and the loan assets of the Great Irish Pub under separate Tuesday orders from the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, bids on the Mandarin assets are due by 5 p.m. ET on Sept. 3. Bids for the Great Irish Pub loan assets are due by 5 p.m. ET on July 17.

If necessary, an auction will be held on Sept. 11 for the Mandarin assets and on July 27 for the Great Irish Pub assets.

Overbids for the Mandarin loan assets must be in minimum increments of $1.5 million. Overbids for the Great Irish Pub assets must be in minimum increments of $500,000.

A hearing to approve any sale is set for Aug. 18.

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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