Aventas has loss on costs of disposal and writedowns

Pre-tax losses at the former Quinn manufacturing group last year rose 76-fold to €301.3m due to exceptional costs. The group known as the Aventas Manufacturing Group is made up of four core businesses, container glass, construction industry supplies, plastics and packaging, and radiators.

Aventas is 75% owned by former creditors, mainly banks and hedge funds, with the remainder held by its principal former lender, the Irish Bank Resolution Corporation in liquidation.

However, the losses arise from the breakdown of the group, which included the sale of its four trading divisions that has contributed to €755m being returned to creditors since 2011 and all of its senior debt having been repaid in full.