O'Reilly seeks more time after Irish bank acts to recoup loans, Irish Times reports

Wednesday 25th June 2014

Tony O’Reilly, the Irish businessman whose investments once stretched to the New Zealand Herald newspaper, has asked for more time to sell assets to repay debts after a bank won a 22.6 million euro judgement against the one-time billionaire, the Irish Times reported.

In Ireland’s Commercial Court, Allied Irish Bank accused O’Reilly of being insolvent and a judgment was entered for 22 million euros of loans to him and a further 23 million euros due from two investment companies, according to the report. The court heard O'Reilly owed a total of 195 million euros to eight banks and a fund, it said.

O’Reilly’s lawyer Michael Cush sought a six-month stay on the judgment’s registration and execution to allow completion of a sale of unsecured assets and Justice Peter Kelly is to rule on the request on Friday, media reported.

The 78-year-old lives in the Bahamas but was in Ireland for the court case, according to the reports.

O'Reilly, a former Ireland and British & Irish Lions rugby player lost a battle for control of Independent News & Media, which invested in the New Zealand Herald and New Zealand radio assets via APN News & Media, while suffering losses on investments including Waterford Wedgewood.

His Castlemartin estate and other property assets are on the market and he sold down below a 5 percent stake in INM in May.

BusinessDesk.co.nz

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