One-time billionaire Tony O’Reilly has told his bank he will sell the church and graveyard where his parents and two grandchildren are buried in an effort to meet his near $30million debt.
The former Waterford Crystal and Heinz magnate is being pursued in Dublin’s commercial court by Allied Irish Banks.
The Irish Independent, the paper O’Reilly once owned, reports that the former billionaire flew home from the Bahamas to meet his legal and business advisers.
They have been ordered to come up with a proposal after the bank asked the court to fast-track debt proceedings against O’Reilly and two of his investment vehicles.
The former Independent News and Media CEO has given an undertaking to the bank that he will sell his entire Castlemartin Estate in Kildare.
His aides told the court Castlemartin consists of ‘circa 750 acres of the finest stud land in Ireland.’
Court papers stated that a church and graveyard on Castlemartin had been excluded from security given to banks.
Now the 78-year-old O’Reilly said those lands would be included in the Castlemartin sale, including the graveyard where his parents and two grandchildren are buried.
O’Reilly said he has already disposed of assets valued at more than $140million since 2011 and claimed the proceeds of all his asset disposals have been used to reduce loans.
However, AIB alleges that only $400,000 of the proceeds from the sale of a property it requested was used to discharge its debts.
Hard-pressed O’Reilly is also selling off Shorecliffe House mews, cottage and lands in Glandore, Co Cork.
He has said he will agree a program for disposal of certain shares in INM on which AIB’s debt was secured.
The Irish Independent report says his unencumbered assets include a shareholding in Fitzwilton Ltd controlled by Gilhome Ltd.
The businessman said he would discuss with the other shareholder the issue of a sale of part or all of the company, according to documents put before the court.
The Irish Independent reports that O’Reilly’s legal team told High Court judge Mr Justice Peter Kelly that there may be an opportunity to bring some matters to the attention of the court that may persuade it the normal summary judgment order should not be made.
The paper says O’Reilly and two of his investment vehicles, Indexia Holdings and Brookside Investments, are being sued for almost $55million by AIB, which told Judge Kelly it had no option but to commence proceedings.
The report says Judge Kelly heard there had been two separate standstill agreements and Mr O’Reilly and his investment vehicles had been afforded every opportunity to reach an accommodation.
O’Reilly gave personal guarantees on a loan for personal investments, according to AIB and is being sued personally for some $30million.
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