McInerney and Aer Arann in court battle for survival

TWO of the country’s best known companies are this morning reliant on court protection from their creditors as they try to rescue their ailing businesses.

Aer Arann and McInerney Homes have been granted interim examinerships by the High Court to try to restructure their operations and attract external investment.

McInerney Homes is saddled with debts of €200 million thanks to a recession which has seen new home construction decline from a high of 88,000 in 2006 to an expected 10,000 this year. The company has completed just 63 net sales so far this year.