Banks to be given valuations on McInerney properties

A HIGH Court judge has directed that three banks opposed to a rescue scheme for McInerney building group should be given information about valuations on properties of the company.

Yesterday Mr Justice Frank Clarke directed that information including independent valuations of property owned by the troubled McInerney construction group carried out at the request of examiner to the group, William O’Riordan, be released to the banking syndicate owed more than €114 million who are opposing a further extension of the examinership.

The material outlines valuations put on McInerney properties by auctioneers Lisney. Those properties form part of the proposed survival scheme aimed at allowing the company exit examinership and continue to trade as a going concern.