Worst possible outcome for O'Reilly
Sir Anthony O'Reilly, the Irish businessman who once controlled the New Zealand Herald newspaper, 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 New Zealand, having toured as a member of the Lions rugby team. He also visited New Zealand many times as the chairman and chief executive of US food giant Heinz, which purchased New Zealand company Watties.
He once led Ireland's INM News & Media, which controlled Australia's APN News & Media, and was the owner of the New Zealand Herald newspaper, radio and other media assets in New Zealand.
Sir Anthony was a friend of Sir Wilson Whineray, the legendary All Black and successful New Zealand businessman, who died in 2012.
