McInerney set to breach bank covenants

HOUSEBUILDING group McInerney Holdings admitted yesterday it will breach certain bank covenants when they are tested later this month.

The Dublin-headquartered group has been in talks aimed at revising its banking and funding terms for some time and these are ongoing.

In its latest trading update, McInerney said: “The covenant position is being dealt with within the banking negotiations that are currently under way. Negotiations with the group’s funders are progressing. The directors anticipate reaching a positive outcome to the banking negotiations prior to the next results announcement in March 2010.”