House builder enters talks with lenders

MANAGEMENT at Dublin-based house builder McInerney Holdings has entered discussions with its lenders with a view to revising its banking terms, in light of a further impairment charge.

As part of its first half results, McInerney yesterday said that it recorded an impairment charge of €156 million (on top of the €110m last year) for the period, which would have caused it to breach its tangible net worth covenants with its main bankers, if they were to be tested now.

They were tested and found to be compliant, earlier this year.