O'Flynn set to fight to obtain control of family construction companyWednesday 30 July 2014 22.06
One of the country's biggest property developers has said he is prepared to fight to the end to prevent him from losing control of his family's company.
Michael O'Flynn was speaking after US private equity firm Blackstone succeeded in the High Court in having an interim examiner appointed to four of the main companies in the O'Flynn Group, a move which puts control of the group in play.
Four months ago, the National Asset Management Agency sold the O'Flynn Group's outstanding loans to US asset management company Blackstone for a reported €1.1bn.
The O'Flynn Group developed the eye-catching Elysian Tower in Cork and later built up a property portfolio with assets spread across Ireland, Britain, Germany and Spain.
Mr O'Flynn acknowledges that he made mistakes during Ireland's property boom, but defends the decisions made by his company.
He said he would prefer to work with Blackstone, but is prepared to fight to maintain control of his company if he has to.
In a statement from Blackstone, the company said: "Blackstone has taken the appropriate and necessary steps to protect the interests of stakeholders and the ongoing business of the O'Flynn Group.
"Following a petition presented by Blackstone, the Irish High Court on 29 July 2014, appointed Michael McAteer of Grant Thornton as interim examiner to O'Flynn Construction Co., O'Flynn Construction (B.T.C.), O'Flynn Construction (Rochestown) and Eastgate Developments (Cork).
"Blackstone remains committed to supporting the business of the O'Flynn Group and, in particular, to preserving jobs through an investment program across the Group's real estate portfolio."