The O’Flynn Construction group, led by Cork property developer Michael O’Flynn, has submitted a plan to pay up to €400 million to US private equity giant Blackstone by December 31st.

O’Flynn Construction was due to repay Blackstone €225 million by the end of this year under the terms of its loans. The US investor acquired these from the State in May using a subsidiary called Carbon Finance for €1.1 billion – a €700 million discount from their face-value.

Directors of O’Flynn told Blackstone they had full-funded purchasers lined up to acquire assets within the group in the UK and Ireland which would more than meet their year-end obligations.

The group still faces further repayment deadlines but the next large repayment date is believed not to be until 2018. Source: The Irish Times.