Irish Bank Resolution Corp., formed to complete the liquidation of Anglo Irish Bank Corp., received U.S. bankruptcy court approval for the sale of loans with nominal balances totaling more than $19 billion.
U.S. Bankruptcy Judge Christopher Sontchi approved the U.S. asset sales to purchasers including affiliates of Goldman Sachs Group Inc. (GS), Deutsche Bank AG (DBK) and Lone Star Funds, according to an April 22 filing by Kiernan Wallace, the liquidator of the nationalized lender, in U.S. Bankruptcy Court in Wilmington, Delaware.
Ireland’s government seized the Dublin-based bank in January 2009 as its bad loans soared following the collapse of the nation’s real-estate market. IBRC filed for creditor protection in Delaware in August to protect its U.S. holdings during the wind-down.
The nationalized lender, Irish Bank Resolution Corp., was put into liquidation by Ireland’s government in February 2013 under a plan to restructure its 34.7 billion-euro ($47.6 billion) bailout. The previous administration gave the bank through 2020 to wind down.
The case is In re Irish Bank Resolution Corp. Ltd., 13-12159, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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