Quinn argues that thousands of jobs at risk in Group
According to weekend news that Quinn Insurance decline in business, Sean Quinn has been told that thousands of jobs are in danger in his former company. In a statement, Sean Quinn said that Anglo Irish Bank has destroyed 38 years of hard work to build the Quinn Group, in less than five months.
Sean Quinn believes that the deal is approved by Anglo Irish Bank with banks and bondholders have shown interest payments Quinn Group increased by more than 300% to around € 100m the year. Anglo Irish Bank but quickly rejected the claims made by the founder of Quinn Group, commented they “strongly objected” to the allegations.
Nationalized bank issues that the Finance Minister Michael Noonan misled in relation to Anglo approval to take control of the manufacturing group Quinn. In a statement, the bank said Quinn’s claims were “untrue and misleading”. It is because banks have been working tirelessly with other creditors to ensure results and that are socially responsible.
Quinn told the Group’s debt restructuring have been made to reduce the debt burden of the manufacturing group Quinn to a sustainable level. Manufacturing businesses have debts to banks and bondholders have decreased from € 1.28bn to € 682m. Anglo informed that there was no grudge against Quinn, but seeks to maintain the security of his position of an effort to put the Quinns members of certain assets beyond the reach of the bank and it was a taxpayer.