O’Flynn says he has €25m to pay loans

Cork developer Michael O’Flynn has upped the ante in his battle to retain control of his building empire by revealing he can immediately repay the €16.7m in personal loans as demanded by the company who took over his Nama loans — and also the remaining €8.2m he owes in personal loans.

Mr O’Flynn wrote to Carbon Finance, an Irish-registered subsidiary of US private equity giant, Blackstone, yesterday to inform them he could meet their demand for repayment of €16.7m of personal loans and also repay all of his personal loans with them which total €24.9m.

The move came ahead of a crucial High Court decision today over the future of O’Flynn Construction, which was placed into interim examinership last month.