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Dublin: 6 °C Friday 3 April, 2020

IBRC can sell Anglo Blackrock Clinic loans says US court

Lawyers for developer John Flynn tried to prevent the proposed loan sale,

Image: Graham Hughes/Photocall Ireland

THE SPECIAL LIQUIDATORS for IBRC have welcomed a US court’s decision to allow them to sell loans linked to the Blackrock Clinic.

Commenting this evening on a ruling from the United States Bankruptcy Court in the State of Delaware, the Joint Special Liquidators of IBRC Kieran Wallace and Eamonn Richardson of KPMG Dublin, said that they were happy to comply with the ruling.

Action in the US Bankruptcy Court seeking to prevent the completion of IBRC loan asset sales by developer John Flynn has been unsuccessful, allowing the sales by the Special Liquidators to proceed to completion.

Flynn’s lawyers had filed a petition on Friday, attempting to block the sale.

However, the court today requested that the special liquidators set aside an amount of $36 million for a period of 60 days to allow the Flynn parties an opportunity to seek a stay on the order, pending an appeal.

The applications come on the back of the recent announcement by the special liquidators of the conclusion of a loan sales process which has resulted in the sale of €19.8 billion of IBRC loan assets at par value out of a total loan book of €21.7 billion.

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