Appointment of Interim Examiner


 

TIDMMCI 
 
RNS Number : 7463R 
McInerney Holdings PLC 
27 August 2010 
 
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|                                  Friday, 27th August 2010                                  | 
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|                                  MCINERNEY HOLDINGS PLC                                    | 
|                              Appointment of Interim Examiner                               | 
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|     McInerney Holdings plc ("McInerney" or the "Group") announces that a petition was      | 
|      presented to the High Court in Dublin yesterday on behalf of its principal Irish      | 
|    subsidiary McInerney Homes Limited ("Homes") seeking the appointment of an Interim      | 
|Examiner to Homes. The petition also seeks to have the protection of the court extended 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.                              | 
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|   The Court has sanctioned the appointment of an Interim Examiner, William O'Riordan of    | 
|                                  PricewaterhouseCoopers.                                   | 
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|                A confirmation hearing will be held on 7th September 2010.                  | 
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|    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.                                         | 
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|                                            ENDS                                            | 
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|                                      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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