Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


O’Reilly seeks more time to repay debts: media reports

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

June 25 (BusinessDesk) – 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)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news