Irish Bank cancels Aug. 18 sale hearing for Great Irish Pub assets

By Caroline Salls

Pittsburgh, Aug. 13 – Irish Bank Resolution Corp. Ltd. cancelled the Aug. 18 sale hearing for its Great Irish Pub loan assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said none of the bids received exceeded the value of the cash collateral provided as security by guarantors of the Great Irish Pub loans.

As a result, Irish Bank’s foreign representatives said they exercised their business judgment not to proceed further with the sale process the loans.

According to the filing, the foreign representatives have received multiple indications of interest from various potential acquirers for the company’s Mandarin Oriental Boston loan assets. The representatives are finalizing the retention of financial advisers for the expected sale process for those assets.

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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