Ladbrokes to top Boylesports bid for Irish business
Ladbrokes in March said it was to undertake a review of its Irish business due to heavy losses within the division.
The bookmaker has been working with High Court-appointed examiner Ken Fennel on a rescue plan.
The move led to Boylesports declaring its interest in acquiring the business, with the bookmaker requesting permission from the High Court to access additional information about Ladbrokes Ireland.
Despite this request having been turned down by the High Court, Boylesports last month opted to go ahead with a €25 million ($27.7 million) bid for the Irish division.
However, reports this week suggest examiner Fennel has informed Ladbrokes Ireland creditors and other stakeholders that the examiner review favours the rescue plan put forward by parent company Ladbrokes.
The examiner now has until July 29 to finalize the rescue plan and submit it to the High Court for approval, with the scheme requiring the support of at least one group of creditors in order to go ahead.
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