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Tony Brown on Steam Packet changes

Chief Minister Tony Brown says the Steam Packet's former bankers have set up a new management structure for the ferry company to get a grip on its debts.

A consortium led by the Portuguese Banco Espirito Santo has put control of the Packet with new Isle of Man-based firm Sealion Ltd.

Its former owners, Macquarie Bank and Australian pension funds, will play no further part.

Yesterday (Monday) Steam Packet chairman Robert Quayle confirmed Steam Packet shares had effectively become worthless, but Mr Brown is rejecting a suggestion the asset has been 'repossessed'.

He says the Portuguese bank wanted to streamline the running of the ferry company:

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