Northern Ireland

Quinn Group reports £769m operating losses for 2009

The Quinn Group has reported an operating loss of 888m euros (£769m) for 2009.

This was mainly due to losses made by the insurance arm of the company.

In 2008 the group, previously headed by Fermanagh businessman Sean Quinn, made profits of almost 240m euros (£208m).

Quinn Insurance has been in administration since March. The division is being sold to US insurance giant Liberty Mutual and Anglo-Irish Bank.

Last month it was announced that Sean Quinn and his family would no longer have any role in the management of the group following a restructure.

Anglo Irish Bank is owed 2.88bn euros (£2.5bn) by Sean Quinn and his family, while other lenders to the Quinn Group are owed almost 1.3bn euros (£1.12bn).

A five-year restructuring plan has been agreed between Anglo and the Quinn Group's lenders, aimed at stabilising the businesses.

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