Investors could face €500m losses on EMPG

IRISH investors could face losses of close to €500 million as the Education Media & Publishing Group (EMPG), controlled by Barry O’Callaghan, faces a major restructuring of its $7bn-plus crippling debt.

Private investors who sank an estimated €240m into the group have been informed by Davy Stockbrokers that their money has been wiped out, it is understood. Davy did not return our calls.

It is also reckoned O’Callaghan may face losses of up to €250m in the restructuring.