Barclay Twins, Irish Treasury Win $1B Hotel Debt Challenge

Law360, New York (June 27, 2012, 5:04 PM EDT) -- The Irish government’s toxic-asset manager and British billionaires David and Frederick Barclay on Wednesday beat back a challenge to a $1 billion debt transfer that allowed the brothers to take over three luxury London hotels in September.

A London court of appeals ruled in favor of Ireland’s National Asset Management Agency, which in September sold the property loans to a company controlled by the Barclay brothers, the reclusive owners of London’s Ritz Hotel and the Telegraph newspaper titles.

Developer Patrick McKillen, a shareholder in the hotels’...
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