Lossmaking McInerney seeks partner

A WEEK after it had its Irish operations put into examinership, housebuilder McInerney Holdings has reported half-year pre-tax losses of €10.9m.

According to the group, it now has negative net assets of €112.6m and is not in compliance with its principal banking covenants.

It confirmed that in March it enlisted the services of Goldman Sachs and began looking for potential equity partners and identified a leading international investor, US company Oaktree, willing to put money into the company provided appropriate revised financing arrangements could be secured.