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Mid-March deadline from Anglo - 12-Feb-2010

Mid-March deadline from Anglo for Former Chairman Sean Fitzpatrick

Former Anglo Irish Bank chairman Sean FitzPatrick has been given a deadline of mid-March to repay his loans to the bank to allow him time to benefit from a possible gain on an investment in an Nigerian oil field. It is understood that Mr FitzPatrick, who was listed as owing 106.8m euro in the bank's most recent published accounts, stands to benefit from possible developments on the investment in Nigeria over the coming weeks.
As a result, the bank has given Mr FitzPatrick until the middle of next month to come up with a repayment schedule to take advantage of the developments with the African project, in which he has a 25 per cent stake.
 
The oil fields were reported to be close to continuous production last year. The delay will also benefit businessman Lar Bradshaw, a former non-executive director of Anglo who is a
co-investor with Mr FitzPatrick in the Nigerian project, potentially allowing him to reduce his loans with Anglo significantly. - Irish Times
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