O'Flynn says he can repay Blackstone loans worth €24.9m

Wednesday 13 August 2014 11.22
Michael O'Flynn's legal action against Blackstone is expected back before the High Court tomorrow
Michael O'Flynn's legal action against Blackstone is expected back before the High Court tomorrow

Developer Michael O'Flynn, who is taking legal action against US group Blackstone to prevent an examiner being appointed to some of his companies, says he is in a position to repay personal loans of €24.9m to Blackstone. 

In a statement this evening, Mr O'Flynn said a subsidiary of Blackstone had sought to appoint the receivers when it deemed he was not in a position to repay his personal loans.

Mr O'Flynn's total loans of approximately €1.1 billion were purchased by Blackstone from Nama. 

This evening Mr O'Flynn said he had written to Blackstone to confirm that he has money to repay the loans. 

He was presented with a demand for repayment on July 29 last. 

He said Blackstone appointed receivers to a number of O'Flynn group companies and presented a petition to the High Court to appoint an interim examiner to the four O'Flynn group companies because it "deemed he was not in a position to repay his personal loans."
 
Mr O'Flynn's legal action against Blackstone is expected back before the High Court tomorrow. 

He is seeking to have the interim examiner to his companies removed.