McInerney close to cash injection

HOUSEBUILDER McInerney Holdings said yesterday it is at an advanced stage of securing a major capital injection for the troubled group to prevent it going into receivership.

The statement follows weekend reports that a group of lenders, led by Bank of Ireland, were considering the appointment of a receiver. The group owes €236m, of which €111m is due to Bank of Ireland,Anglo Irish Bank and KBC Ireland.

It is understood that a recapitalisation deal is close to completion and looks to be 90% certain at this stage, sources close to the deal said.