McInerney 'continuing negotiations'

Construction firm McInerney today confirmed it was still in talks with potential new investors and lenders over restructuring the firm.

The company was reacting to media reports over the weekend that it was negotiating with the National Asset Management Agency (Nama) and banks in a bid to avoid having a receiver appointed, and that Nama had already rejected one proposal from the company.

McInerney said the restructuring proposals were currently being reviewed by the group's Irish lenders.

The company confirmed today it was in negotiations with an international equity partner to provide new funding to the firm, and also with its UK lenders in relation to a proposed restructuring plan.

"The group's Irish loans have not yet been transferred to Nama and consequently Nama has not had any formal discussions with the group nor have any recapitalisation proposals by the group been presented to the agency," it said in a statement.