McInerney confirms talks with investor

House builder McInerney Holdings today said that negotiations with an investor regarding an injection of new capital were at an "advanced" stage.

In a statement to the Irish Stock Exchange the company described the potential investor as "a leading international equity partner" and said the capital investment under discussion was "substantial".

Talks have been ongoing since April, with the investor conducting due diligence over the past two months, the company said.

McInerney also said it was in "advanced and constructive" discussions with its UK lenders in relation to a proposed restructuring plan.

It added that its Irish loans have not yet been transferred to NAMA, and formal talks have not been held with NAMA regarding any restructuring plan.

"The Group's Irish syndicated lenders and their advisers are engaged in a review of the Group's restructuring proposals," the statement said.

"This review has yet to be completed and the Group continues to engage with its Irish lenders and their advisers on an optimal restructuring proposal for the Irish business."