30 March 2015
Fairhold Slide Deeper Into Trouble
In a dramatic move to stave off the total collapse of Fairhold before an orderly sell off of the property portfolio can be completed, those who have lent money to the company have been asked to waive their right to collect monthly interest payments.
A group has been set up to facilitate the portfolio sell off and the interest payments will be diverted to this group.
It is generally understood that there is no chance of the principal loan (£435m) being satisfied in 2017.
An orderly sale will realise more cash, than a sale after a Fairhold collapse.
An official statement on these matters has been made in a formal notice to the Irish Stock Exchange.
