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McInerney builders in examinership


Outlander

Well-known member
Joined
May 31, 2007
Messages
606
RTÉ News: Court hears of McInerney Homes survival chance

A syndicate of Bank of Ireland, KBC and Anglo Irish, which is owed €114.5m, is 'strongly opposing' the appointment of an examiner.

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The business plan presented to the court predicts zero growth in house prices for the first two years followed by 2%, 3% and 5% in the following three years.
The opposing banks have described the company's projections as optimistic.

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The case before Mr Justice Frank Clarke continues.
So Anglo et al consider that a five year price increase of 0%,0%,2%,3%,5% for domestic property is optimistic. What rates of increase were predicted when NAMA was cooked up?

Wonder will the good Clarke J. give us a decent sound-bite this time?
 

MsAnneThrope

Well-known member
Joined
Apr 8, 2009
Messages
1,818
*bump*

THE HIGH Court yesterday rejected a rescue plan for housebuilder McInerney because the proposals were unfairly prejudicial to the interests of Belgian-owned bank KBC, one of three lenders to which the group owes €113 million. [...]

Mr Justice Frank Clarke agreed to revisit the ruling after it emerged €80 million or so of the total which was due to the two Irish lenders was destined to be transferred to the National Asset Management Agency (Nama). [...]

As a result of the ruling, McInerney now faces the possibility of being placed in receivership, with the potential loss of 109 jobs.

The judge is due to make final orders relating to the case on Monday. It is understood the company is considering appealing to the Supreme Court.
Irish Times: High Court rejects rescue plan for McInerney
 
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