AIB and Bank of Ireland have initiated a consensual restructuring process involving the appointment of Grant Thornton partners Nick O’Dwyer and Michael McAteer as receivers over select assets of Johnny Ronan's real estate group, RGREH Ltd. These include prominent Dublin properties such as Connaught House on Burlington (NYSE:BURL) Road, Percy Place, Kingram House, and Kilmore House in Spencer Dock.
The move comes amid market pressures that have led to the banks being owed €130 million more than the current values of the assets in question. However, RGRE has confirmed that this action will not affect other projects, like the housing initiative at the Dublin Glass Bottle site. The assets under receivership are part of a deliberate restructuring strategy within special purpose entities designed to protect RGRE's primary operations.
Despite the current challenges, RGRE remains optimistic about its future. The company is actively engaged in refinancing discussions, with expectations to resolve the situation favorably for all stakeholders within weeks. An RGRE Holdings Ltd spokesperson highlighted the robust performance of their assets as an indicator of the organization's strength and resilience post-restructuring.
This is not the first financial hurdle for Johnny Ronan's firms. Following the collapse of Treasury Holdings, RGRE has a history of navigating through financial difficulties and emerging successfully. The firm is looking forward to new investment and lending conditions that will support its ongoing operations and future growth.
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