O'Dwyer brothers' guarantee on pub loans to cost €8m each
Published 12/10/2010 | 05:00
TWO members of the O'Dwyer pub group yesterday consented to €8m judgment orders against them arising out of guarantees they provided on a €25m term loan for pub refurbishments and corporate purposes several years ago.
Liam and Desmond O'Dwyer provided guarantees for the loan from AIB to the Marino Group, operator of a number of Dublin pubs under different companies that went into receivership last year.
Liam, of Northumberland Road, and Desmond, of Simmonscourt Road, both Ballsbridge, Dublin, did so on the basis that the total payable by each did not exceed €8m. Following the winding up of the Marino companies, AIB demanded repayment of the term loan which stood at €23.2m in November last year.
It was not repaid and the bank demanded the €8m guaranteed by each of the O'Dwyers. but this was also not paid.