Court to decide outcome of McInerney Homes examinership case

The High Court is to decide today whether to appoint an examiner to builders McInerney Homes, in the face of stiff opposition by three banks who are owed tens of millions of euro.

A syndicate of Anglo Irish Bank, Bank of Ireland and KBC told the court on Friday they did not believe any rescue plan for the troubled firm would work.

Interim examiner William O'Riordan, who was appointed to five companies in the group who owe more than €100m, says he believes McInerney Homes had a reasonable chance of survival.

Under the plan, the lenders will have to accept €60m, two thirds of what the syndicate believes it can recoup in a receivership.

It is opposing continued court protection and has argued the firms are beyond saving.