Today's other stories in brief
Shine goes into liquidation
A Co Westmeath building company, Shine Construction (Athlone), has been liquidated, blaming the downturn in the building sector. The firm has debts of €3.5 million and expects its assets to realise €990,000, leaving a deficit of almost €2.5 million.
The company, which has worked recently on a residential project in Athlone and a retail and office development in Mullingar, owes €2 million to trade suppliers. Kieran Wallace of KPMG was appointed liquidator on Tuesday.
Crude oil rose above $127 a barrel for the first time, leading commodities higher, after Goldman Sachs Group raised its forecast and on speculation Chinese diesel purchases will strain supplies. Goldman boosted its price estimate for the second half of this year to $141 a barrel, from $107, citing supply constraints. China may increase fuel imports to generate power after the most powerful earthquake in 58 years killed more than 22,000 and damaged hydroelectric plants. Oil and commodities, including gold and platinum, also advanced. - (Bloomberg)
Harbourmaster in 500m deal
Harbourmaster Capital Management Ltd, the Dublin-based asset manager, sold €500 million of bonds backed by leveraged buyout loans. Harbourmaster's first collateralised loan obligation this year was arranged by Dresdner Kleinwort, according to Fraser Malcolm, head of asset-backed securities syndication at Dresdner in London.
The transaction packages loans into seven portions of varying risk and returns.
- (Bloomberg)
Wallace for role in dd2group
Former Irish rugby international and Jones Lang LaSalle investment agent Paul Wallace has been selected to head business development at dd2group's new Dublin office. The dd2group consists of commercial real-estate specialist companies that have arranged more than £10 billion of property funding and £20 billion of insurance cover in the UK and worldwide.
High Court orders firm to reveal location of leased equipment
The High Court has ordered a civil engineering firm, involved in a number of high-profile construction projects, to disclose to the company from which it leased the machinery, the location of millions of euro worth of excavating equipment.
Yesterday at the High Court, Ms Justice Maureen Clark granted an interim injunction on an ex parte basis (one side only) to Caterpillar Financial Services Ireland PLC, ordering Howley Civil Engineering Ltd, with offices in Co Cork and Dublin, to disclose the location of 17 pieces of machinery it obtained under finance lease agreements from Caterpillar.
The court further ordered that the defendant not interfere or dispose of the machines, some of which are worth €350,000. The judge made the matter returnable to Wednesday of next week.
Caterpillar has a "serious concern" about the safety of its assets in circumstances where the defendant company "is insolvent to a degree that it owes Caterpillar over €5.5 million". Howley has been involved in high-profile projects, including motorway construction and work on Lansdowne Road stadium.
