The companies were sanctioned by the US Department of Treasury’s Office of Foreign Assets Control (OFAC).
In 2023, the High Court ordered that GTLK Europe and GTLK Europe Capital be wound up. The companies were liquidated on foot of an application from their creditors, who were owed close to $180m (€153m).
The largest unsecured creditor of GTLK Capital, and therefore the group, is its bondholders. The aggregate outstanding principal amount of bonds issued by the companies is $3.25bn.
The two insolvent Irish firms controlled assets including about 70 jets and 19 sea-going vessels valued at about €4bn. It is the biggest ever liquidation in Ireland.
The companies’ activities were hit by sanctions imposed on Russian entities and…