Tuesday 21 October 2014

O'Flynn claims he has the money to meet Blackstone repayments

Published 12/08/2014 | 18:09

Developer Michael O'Flynn
Developer Michael O'Flynn

Businessman Michael O’Flynn has informed Blackstone that he has funds available to immediately meet the US private equity giant’s demand for repayment of €16.7m of personal loans and to repay the balance of his personal loans.

It comes ahead of a crucial High Court decision tomorrow over the future of O’Flynn Construction, which was placed into interim examinership last month.

Mr O’Flynn has challenged the examinership.

In a statement Michael O’Flynn said he has written to Carbon Finance Limited, a subsidiary of Blackstone, confirming that he has funds available not only to immediately repay all of his personal loans with Carbon Finance Limited, which were part of a €1.8bn debt package the Blackstone unit bought from NAMA.

Carbon Finance presented Mr. O’Flynn with the demand for repayment of his personal loans on Tuesday 29 July, and followed up in a matter of hours with steps including the appointment of receivers over the assets of a number of O’Flynn Group companies, the statement said.

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