Sir Anthony O’Reilly, who once headed the Irish company that controlled Australia’s APN News & Media, is facing bankruptcy.
Sir Anthony O’Reilly, the Irish businessman who once controlled Australia’s APN News & Media, has lost a bid for more time to pay off his huge debts.
The 78-year-old is considering the “possible nuclear option” of bankruptcy in the Bahamas, where he now lives, The Irish Times reports.
Dublin’s Commercial Court has declined to grant Sir Anthony a six-month stay on the registration and execution of a judgment awarded in favour of Allied Irish Banks (AIB). AIB argued he was insolvent.
The former billionaire now faces the forced sale of his assets, which include the Castlemartin estate in County Kildare, Reuters reports.
Sir Anthony is visiting France, his lawyer told the court.
The latest decision is said to be the worst possible outcome for the former billionaire.
He is a well known figure in Australia and New Zealand, having toured as a member of the Lions rugby team.
He once led Ireland’s International News & Media (INM), which controlled Australia’s APN News & Media.
APN publishes newspapers in regional Queensland and New South Wales, owns the ARN radio network including the Kiis and Mix stations in Sydney and Melbourne, and also owns The New Zealand Herald.