A number of parties are believed to have expressed interest in acquiring Greenstar — the largest waste management firm in the country which went into receivership last week.
A spokesperson for the company’s receiver — David Carson of Deloitte — declined to comment at length yesterday, beyond saying the sales process is continuing and talks are ongoing with interested parties.
One source said it was understood there is widespread interest in the company; which employs around 800 people and has 85,000 residential and commercial customers.
Mr Carson was appointed to Greenstar Ireland last week.
The move was taken by the company’s board after its lenders lost patience with its outstanding debt of €83.2m, demanding immediate payment.
Greenstar called the move “regrettable” given that it had not missed any of its scheduled repayments and was in a strong cash position to continue trading “for the foreseeable future”.
Management said the lenders’ demand gave it “no option” but to facilitate the banks by appointing a receiver.
The combined debt is owed to a consortium of seven banks — including Bank of Ireland, Ulster Bank, AIB, and four overseas institutions.
In a brief statement made last Thursday, Mr Carson said his immediate priority would be to engage with those who have previously expressed interest in acquiring Greenstar and to identify other potential buyers.
Private equity houses Anchorage Capital, Oak Tree Capital and Gores Group have previously been linked with bids for Greenstar Ireland.
Reports over the weekend suggested that Gores in particular is showing renewed interest in Greenstar, having been linked with a €50m bid earlier this year. The US firm’s previous attempt failed over its proposition to buy Greenstar debt free, or for its lenders to write-off a substantial amount of said debt. Greenstar’s former owner, renewable energy group NTR had, reportedly, initially been pricing Greenstar’s Irish business at around €150m.
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