Cerberus subsidiary collects €914,000 on loans before wind-up

Cerberus subsidiary Promontoria Ram 2 collected about €914,000 on loans last year in advance of a likely liquidation.

The Irish-registered company took over a group of British commercial property that its parent, vulture fund Cerberus, bought from the Co-Operative Bank in 2016.

Accounts recently filed with the Companies Office show that it collected £785,031 (€914,000) on the outstanding debts last year.

In January, the company paid off a £35.1 million loan from Citibank used to buy the assets in 2016. It also repaid one of several interest-bearing loans from its parent in February.

Pay close attention to what Intel does next. It’s a test case for Ireland

---

Homeless asylum seekers find ‘happiness’ at sunny cricket session at Railway Union Cricket Club

---

Roddy Doyle: The hate mail and death threats started in the spring of 1994

---

Bruce Springsteen’s Irish tour: Tell us your verdict

---

According to the accounts, directors intend to liquidate Promontoria Ram 2 within 12 months of approving the financial statements.

They expect to complete this at some point in 2023 and have provided for the costs involved.

The business had one remaining asset after 2021 year end, which it intended to sell.

Promontoria Ram 2 earned a profit of £71,294 in 2021, against an £865,242 loss the previous year.