Original €5.6m loan was made to Mr Flatley’s Blackbird Film Productions Ltd by Novellus Finance Ltd
Michael Flatley provided a guarantee for the loan on the strength of the value of his Castlehyde mansion in Fermoy, Co Cork.
In the Commercial Court on Wednesday, counsel for Blackbird and Mr Flatley, Ronnie Hudson, told the court Mr Flatley’s solicitor Maxwell Mooney had been instructed to seek not to have the injunction application progressed before the court on the basis the redemption amount of capital and interest would be paid.
“I can’t understand why they won’t accept it. Michael Flatley has shown bona fides and nearly €1 million of arrears has been paid,” Mr Hudson said.Counsel for Novellus, Kelley Smith SC, said her side had not had sight of a loan facility and it was “another attempt to put off the evil day”. Ms Smith said: “Frankly, it comes too late.”
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