DA Terminal 3 Ltd, controlled by the McEvaddy brothers, owed €39.66m to creditors at the end of last year. The majority of this debt is owed to US-based private investment firm Bain Capital, which loaned money to the company for the construction of a third airport terminal on their land near Dublin Airport.
The accounts state that the debt is due this year, and it is secured against DA Terminal 3’s assets, including the land intended for development at Dublin Airport.
Apart from owing money to Bain, DA Terminal 3 also owes €11.16m to the McEvaddy brothers themselves. However, the accounts indicate that this debt can only be recouped after other creditors are repaid.
DA Terminal 3’s spokesperson explained that this debt is a standard financing method related to the development of the Dublin Airport land. Earlier, the McEvaddys had plans for Terminal 3 and initially sought financing from Dubai-based investor Tricap, but later Bain took over as the financial backer, repaying any liabilities owed to the Dubai firm.
Ulick McEvaddy and other owners of the 260-acre plot of land between the runways at Dublin Airport are considering applying for planning permission for a third terminal on the site by the end of this year,
