Interim examiner appointed to McInerney Homes

Updated: 17:44, Friday, 27 August 2010

The High Court has approved the appointment of an interim examiner to McInerney Homes, one of the country's best-known house builders.

1 of 1Examiner Appointed - McInerney is one of the best-known house builders
Examiner Appointed - McInerney is one of the best-known house builders

The petition was brought by its parent company McInerney Holdings, which wants to secure court protection for McInerney Homes while it negotiates a restructuring of its debts and a new investment for the group.

The court approved the appointment of interim examiner William O'Riordan of PricewaterhouseCoopers. A confirmation hearing will be held on 7 September.

Talks are currently going on with US private equity company Oaktree Capital about an investment of around €40m in McInerney Holdings. The group has debts of around €200m and has been in talks with its Irish and UK banks since last year.

The interim examinership also covers McInerney Construction (Holdings) Limited, McInerney Contracting Limited and McInerney Contracting Dublin Limited.

But McInerney Holdings' UK and Spanish divisions, as well as its commercial arm Hillview Developments, are not affected by the court move.

McInerney Homes employs 100 people directly and also retains contractors, the exact number of which is unclear.

The group McInerney Holdings employs 270 people. McInerney Homes has been in talks with its Irish banks and with NAMA and is due to transfer its Irish loans to NAMA at the end of the year.

The Irish Stock Exchange has suspended trading in McInerney's shares on the Dublin market.

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