Quinn family could still be involved in bidding, say reports
The family of Quinn Group founder Sean Quinn has insisted that it is still involved in a plan to rescue Quinn Insurance - adding to confusion over the sale of the company.
The Quinn family's comments yesterday came a day after the administrators of Quinn Insurance said in an email to staff that there was "no Quinn family proposal" and no "Quinn/Anglo proposal" to take over the firm.
However, the Quinn family shareholder issued a statement yesterday saying that it was "working in conjunction with Anglo Irish Bank" on a plan, according to a report in today's Irish Independent.
It said the plan "has been with the board of Anglo Irish Bank and available to the relevant departments of the Government for over six months".
It added: "The Quinn family remains fully committed to the successful implementation of this proposal.
"We continue to impress upon all stakeholders the need to give the proposal full and proper consideration to ensure that its objectives are achieved."
The paper reported that sources close to Anglo have said the bank was no longer working with the Quinn family on a proposal and was instead working with a trade partner, believed to be US insurer Liberty Mutual.
Anglo is owed €2.8bn by the Quinn family.
The Quinn family's spokesman yesterday refused to comment on whether the family was still "actively engaged" in the Quinn Insurance sales process.
A spokesman for the administrators declined to comment.
No comments yet