A HIGH Court judge has directed that three banks opposing a rescue scheme for the McInerney building group should be given information about valuations of properties of the company.

Mr Justice Frank Clarke said yesterday the valuations of various group properties carried out by Lisney for the group’s examiner, William O’Riordan, should be released to the banking syndicate, owed more than €114 million.

The properties in question form part of the proposed survival scheme aimed at allowing the company exit examinership and continue to trade as a going concern.

Bank of Ireland, KBC and Anglo Irish Bank, which have expressed opposition to the examinership continuing, had asked to see the material so they would have all necessary information concerning the group.

The examiner’s replies to issues raised by the judge in the court proceedings are also to be given to the banks, the judge directed.

Mr Justice Clarke added, however, that he would not direct that a letter sent to the examiner by solicitors by Oaktree Capital, which is proposing to invest in the group, be given to the syndicate.

Oaktree, an American private equity house, is in negotiations with the examiner to take a stake for €40 million in the group, which has businesses in the Republic and in England.

Oaktree has also said it will invest at least €10 million in the Irish operation as part of a rescue plan.

Also yesterday, the judge expressed concern about what he described as “shadow boxing” between the sides involved in the examinership. He feared matters in this examinership could become complicated when time was of the essence.

He continued court protection until today when the matter will again be before the court.

Five McInerney companies have been under High Court protection from creditors since late August.