Appointment of Interim Examiner Sought
August 26 2010 - 12:15PM
UK Regulatory
TIDMMCI
RNS Number : 7266R
McInerney Holdings PLC
26 August 2010
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| Thursday, 26th August 2010 |
| |
| |
| MCINERNEY HOLDINGS PLC |
| Intention to Petition the High Court to Seek Appointment of Interim Examiner |
| |
| |
| McInerney Holdings plc ("McInerney" or the "Group") announces that it intends to petition |
|the High Court later today to seek the appointment of an Interim Examiner on behalf of its |
| principal Irish subsidiary McInerney Homes Limited ("Homes"). It is intended that the |
| petition would also seek to extend court protection to McInerney, McInerney Construction |
| (Holdings) Limited, McInerney Contracting Limited and McInerney Contracting Dublin |
| Limited. |
| |
| The purpose of the petition is to afford the above companies the protection of the High |
| Court while McInerney negotiates a restructuring of its debts and new equity investment |
| for the Group which would be implemented by means of a scheme of arrangement. Oaktree |
| Capital is currently in discussions with the Group to make an equity investment of |
| approximately EUR40m in the Group. |
| |
| The petition will relate solely to the Irish business of McInerney. The Group's UK |
| interests, its Spanish division and Hillview Developments, the commercial division, are |
| unaffected. |
| |
| McInerney has applied to the Irish Stock Exchange Limited and London Stock Exchange plc |
| for a suspension of trading in respect of its shares. |
| |
| ENDS |
| |
| |
| FOR INFORMATION: |
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| Mary McCarthy Tel: (01) 676 01 68 |
| Weber Shandwick Mob: 086 256 84 29 |
| |
| |
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This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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