High Court to review McInerney case
The High Court is to decide whether it should revisit plans to save one of Ireland’s oldest homebuilders.
The court has already ruled against an examinership rescue package for McInerney on the grounds it would unfairly prejudice the firms' banks who are owed €113m.
It is now being told that alternative proposals put forward by the bank are no longer credible.
Under the proposals rejected by the court McInerney was to pay KBC, Anglo Irish and Bank of Ireland €25m to settle debts well over four times that amount.
The banking syndicate successfully argued the deal was unfair and that they could make a much bigger return of €50m if receivers were appointed to sell off the company's building developments over an 11-year period.
But now McInerney’s lawyers say the bank’s plan is no longer credible.
They say they have just found out what the banks knew all along and that is that NAMA looks set to acquire the syndicate's debts.
And for this reason, the court has been asked to review its earlier decision.
