McInerneys, probably one of the best-known builders in Waterford since the Seventies, has unfortunately gone into examinership.
McInerneys has built so many estates in Waterford it has hard to count – from Lismore Park to Viewmount and Ashley Park.
The company was endeavouring to do a deal with the banks but AIB, Bank of Ireland and KBC opposed part of the rescue plan in the High Court. Over €113 million is owed to the banks.
The Examiner has been given till November to come up with a solution for the Group which had been quoted on the stock market.
In the judgment that was given there were three ways in which the Examinership could be saved: one was through a banking syndicate; two, existing banks could stay on, and thirdly a new banking syndicate could take on the debts at maybe a reduced amount.
McInerneys has made a major contribution to Waterford and its housing needs over the years. The company completed estates well and there was rarely any conflict between residents and the company as well as the council.
The firm had very high standards and worked with the community, said one local councillor.