Hickey pharmacies drop action to halt €45m IBRC loan sale

An action by the Hickey pharmacy group and its owner Patrick Hickey aimed at preventing their loans, valued at up to €45m, being included in a portfolio of €900m loans offered for sale by the liquidators of IBRC, has been withdrawn on confidential terms at the High Court.

The group had complained its own offer to buy the loans for €40m had been rejected and the sale would be “disastrous” for the group and its 300 employees.

The importance of the action — which challenged the constitutionality of provisions of the IBRC Act and had implications for other parties who wish to prevent their loans being sold arising from the special liquidation of IBRC — was underlined by the presence of six senior counsel in court yesterday as the case was due to open before Mr Justice Iarfhlaith O’Neill. There were also several junior counsel and solicitors in court.