McInerney Homes seeks court protection



Cassandra Syndrome

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Aug 23, 2009
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16,885
Another long standing construction industry victim. 100 years plus they have been trading. Survived the Great Depression, the 1950s and 1980s.

Hope they can sort something out. But there is no market for them and they have too much debt. Tragic.
 

makingjam

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Feb 24, 2010
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It will be interesting to see how NAMA deals with McInerney
Don't think McInerney loans are NAMA destined yet.

If the examiner works faster than NAMA on this, then any losses will have to be made up from the banks own capital, and we all know who is writing those cheques..
 

constitutionus

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Feb 19, 2007
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yeah i was waiting for this.

ill put my hand up and say im interested in investing in this but im waiting till after they do the rights issue they have to do.

IF they survive this.

it was one of the dodgier ones (IMO) that i was looking at where i wouldnt mind losing the small amount i was gonna put in.

poor bastards have gone through the wringer recently but i still think it has a chance of getting through if their creditors dont get the chance to pull the plug.
 

Nelcad

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Mar 15, 2011
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Looks like word on the street was spot on.

Looking back on the top 12 Builders (with Development divisions) from 2006, the list of casualties is staggering,

McNamara; Pierse; Fleming; P. Elliott; Zoe; Bowen; McInerney and with Rhatigan & Walls about to go, that only leaves 3 of the top 12.

Thats before we talk about the top Developers and plethora of SME Builders that have gone tits up.
 

Aindriu

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Jun 28, 2007
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The speed with which houses and apartments were thrown up during the boom was ridiculous and far outstripped the actual need and demand. Many were shoddily finished yet priced at premium levels.

It is clear that we will need very few builders for many years to come now so it is inevitable (though catastrophic for their workers) that many will to to the wall.
 

hammer

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Jul 6, 2009
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I read in Breakfast with Anglo yesterday that RQB / Paddy Kelly etc. made a profit on two land deals of €35 million in a short period of time.

This country was bonkers :)
 

Sheepy

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Nov 7, 2010
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Many were shoddily finished yet priced at premium levels.
As were some of those that built them!
Don't know if retraining will work there.
 


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