Quinn bids due as bondholders cling on

Bids for Quinn Insurance are due today but Anglo Irish Bank's proposal hangs on the balance of bondholders, reports the Irish Independent.

The key uncertainty is whether Anglo Irish Bank, which is owed €2.8bn by Quinn, is successful in its bid for Quinn Insurance.

Anglo's current proposal asks bondholders to relinquish the €550m of guarantees they hold on Quinn Insurance assets so its bid can proceed.

One source told the Independent: "Anglo is the one driving this whole thing and it all hinges on whether they get insurance or not."

A decision on a successful bidder is not expected for months.

The restructuring of the Quinn Group could also see founder Sean Quinn stripped of any equity or control of the conglomerate he spent decades building.