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Report: Court grants liquidators rights to Anglo Irish's US assets

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Report: Court grants liquidators rights to Anglo Irish's US assets

A U.S. judge gave the Irish Bank Resolution Corp. Ltd. liquidators of the former Anglo Irish Bank the rights to the latter's American assets, The (London) Times reported June 6.

Judge Christopher Sontchi authorized Kieran Wallace and Eamonn Richardson of KPMG in Dublin to distribute $189 million in Anglo's "reserved proceeds" in the U.S., along with all other assets.

The ruling will help unsecured creditors, who have been told they will have to wait several years to find out how much they will recover because of outstanding litigation. Preferential and secured creditors have already been paid.

The Irish Bank Resolution Corp. was established in 2011 to house the assets of the failed Anglo Irish Bank and Irish Nationwide Building Society.