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Rescue bid for builder

HOUSEBUILDER McInerney's examiner is expected to ask the High Court today for a further 30 days to prepare a rescue plan for the group.

The five companies that make up the group's Irish business have been under High Court protection from creditors.

US private equity house Oaktree Capital is bidding to take a stake in the overall group, which has businesses in the Republic and in England. The group has proposed a €40m deal and has committed to invest at least €10m in the Irish operation.

But three banks to which the group owes €114m have been opposed to the examinership since McInerney first went to the High Court in September.


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