A major restructuring of the financial, management and corporate structure of the Quinn Group has taken place, following the appointment by Anglo Irish Bank of a share receiver to take control of shares held in the Group by the Quinn family. Chairman of Quinn Group Ltd, Pat O'Neill, said that the financial restructuring was essential for the survival of the businesses, which include advanced glass container manufacturing facilities in England and Northern Ireland. As part of the corporate restructuring, Sean Quinn has ceased to be a Director of the Group and no longer has a role in managing the business. "Sadly, in recent years a number of well-publicised events have left the manufacturing group with substantial borrowings which, quite simply, the Group could not service," Mr O'Neill confirmed. "If these debts were not restructured, the businesses could not survive in their present form."
