Delay with debt deal postpones relaunch to Liberty Direct
Quinn Insurance’s relaunch as Liberty Direct, planned for today, has been postponed, according to the Irish Independent.
A delay in striking a deal with the Quinn Group’s lenders rendered the deadline unworkable, the paper said.
It claims sources confirmed that Quinn Insurance is likely to do its last day’s trading on Friday, meaning Liberty Direct will launch next Monday.
A formal announcement about Liberty Direct’s management team and a general statement of intent is expected on the same day.
Liberty Direct will be headed by Pat O’Brien, an executive at Quinn Insurance’s new 51% owner Liberty Mutual.
A Liberty spokesman declined to comment on the delayed launch however it is understood to be related to drawn-out negotiations with bondholders of the Quinn Group, who are agreeing to release guarantees over key assets of Quinn Insurance.
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