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Acquiring Distressed Businesses in Ireland Jon Moulton

Acquiring Distressed Businesses in Ireland Jon Moulton. Ireland has lots of distressed companies. Fact. Irish Bank IPOs similar in frequency to distressed company acquisitions in Ireland. Also fact. Total Insolvencies: Comparison from 2009 to 2011 .

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Acquiring Distressed Businesses in Ireland Jon Moulton

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  1. Acquiring Distressed Businesses in Ireland Jon Moulton

  2. Ireland has lots of distressed companies. Fact. • Irish Bank IPOs similar in frequency to distressed company acquisitions in Ireland. Also fact.

  3. Total Insolvencies: Comparison from 2009 to 2011 Source: Insolvency Journal.(http://www.insolvencyjournal.ie/industrial_stats/11-09-01/Total_Insolvencies_Comparison_from_2009_to_2011.aspx)

  4. Total Insolvencies by Industry: Comparison from 2009 to 2011 Source: Insolvency Journal. (http://www.insolvencyjournal.ie/industrial_stats.aspx?NewsCatID=7edd0572-1fa4-48df-bf06-9d64eedab7be)

  5. Potential Targets • Good businesses, bad balance sheets – debt for equity deals by banks • Silly legacy cost base – rents • insolvency or law change • Poor operating result, lots of debt (usually) - debt for equity - fresh equity - new management (mostly) (Our sort of deal) • Poor businesses, bad balance sheets - liquidate and liberate people and assets

  6. Owners • NAMA – National hotel, golf and property conglomerate • Irish Government backs • NIB, Ulster, KBCR, other foreign owned • International banks (Eircom) • Private and public “owners”

  7. Why Sort it Out • Cons – Losses and job losses • Pros – Get economy going again, restore reality to business • Redeploy economic resources to economic activity • Issues – What’s a fair price??? • Won’t solve bloated and happy public sector I’m afraid

  8. QUESTIONS

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