O’Flynn ‘shocked’ as examiner appointed

The company that bought the €1.8bn debts of the O’Flynn Construction Group for just over €1bn has secured the appointment of an interim examiner for four key companies within the group.

US private equity giant Blackstone, which bought the O’Flynn Group loans in May from Nama, has, through one of its subsidiaries, Carbon Finance, also served demands on the company’s two main shareholders, Michael and John O’Flynn, for the immediate repayment of their “substantial” debts.

If repayment is not made it intends to enforce security over assets of the shareholders, including their shares in the parent company, resulting in an event of default on the corporate facilities, the High Court heard yesterday.