Irish property developer Ballymore is selling off its international assets in a bid to settle its €252 million senior debt with the National Asset Management Agency (Nama).
In a review attached to the latest set of accounts of Ballymore International Development Ltd (BIDL), whose shareholders include Monaco-based veteran businessman Michael Smurfit, company chairman Seán Mulryan said the asset disposal programme is expected to conclude by May 2016 and result in an “adverse” outcome for investors.
Mr Mulryan said the directors’ “best estimate” was that it was “unlikely” the asset sales would “realise an excess of value greater than Nama debt” owed by BIDL when the wind-down is completed. Details