MCINERNEY Properties is to hold meetings for its creditors and are holders on December 6th, following approval for the meetings in the High Court yesterday. The creditors and shareholders will consider a proposed capital restructuring.

The restructuring involves the conversion of certain debts to equity, the rationalisation of the group's share structure and the raising of equity capital. The shareholders are already aware that, under the restructuring, their shareholding in the group will be reduced to a minimal amount.

A circular detailing the capital restructuring and the proposed placing and open offer of new shares to raise £6 million, will be circulated to shareholders tomorrow.