SHAREHOLDERS of McInerney Properties praised the board of directors at yesterday's annual general meeting and unanimously approving a restructuring plan designed to nurse the firm back to health.
"They do deserve a bit of encouragement, because they've gone through hell," said one shareholder, Mr David K Anderson. Earlier, Mr Anderson addressed the meeting from the floor, describing the rescue package as "quite unique", and thanking the directors on behalf of shareholders for their efforts over recent months.
The chairman, Mr Roy Ferris, said that in order to put the restructuring package in place, compromises had to be reached with some 40 creditors about a debt of over £36 million.
He outlined for shareholders the main points of the package: a new holding company to be called Mclnerney Holdings plc, commitments of £6 million of new equity, and the writing off of the bulk of many of the firm's debts by creditors.
The new group would be primarily a housebuilder in Ireland.
Creditors at subsequent meetings yesterday also agreed to the restructuring package, which will now go before the courts for final approval.
