Doughty Hanson selected to buy TV3 loans

Thursday 12 December 2013 21.12
TV3 had had borrowings of over €100 million with IBRC
TV3 had had borrowings of over €100 million with IBRC

Doughty Hanson, the private equity group behind TV3, has been selected to buy the television station's loan from the special liquidators of IBRC, RTÉ News understands. 

TV3 had borrowings from IBRC, formerly Anglo Irish, of over €100 million. 

The bank was put into liquidation last February and the special liquidators, KPMG, sold off the loans. 

Meanwhile, Stockbroking company Davy is to buy back its own loans from the liquidators of IBRC.

It is understood it has been selected as preferred bidder for its loans, which were under €140m.

The company has repaid its borrowings with finance from Bank of Ireland.

However, it is understood that the owners of the Racing Post have not been successful in buying its loans back from the liquidators. 

Commenting tonight, a spokesperson for the Special Liquidators said: "At this point in the loan sales process the bidding phases for ... the first portfolio of IBRC loans brought to market have concluded.

"Subject to legal execution, the Special Liquidators expect that approximately 84% (by loan par value) of this portfolio will be sold to buyers other than NAMA.

"There was strong market interest in the process which was designed to maximise value and resulted in competition among bidders for the acquisition of the various loan assets ... The Special Liquidators are pleased with the outcome thus far which reflects the market interest that has been evident since the commencement of the special liquidation."