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19/02/2008

Rescue Package For McEnaney Construction

The High Court has approved a €75 million rescue package for a flailing construction firm, McEnaney Construction.

The Louth company, which spearheaded the €200m M1 Euro Park, came out of examinership yesterday after the High Court gave the go ahead for John McCann to take a 75% stake in the business.

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Seamus McEnaney, the founder of the construction firm, will retain a 25% stake in his business.

McEnaney experienced difficulties selling residential and commercial units as the slowdown in the construction industry took hold late last year.

Mr McCann is co-founder of Castleway Developments, which is involved in property development and investments in Ireland, Britain and the US.

It has an investment portfolio of around €400m and €250m worth of building projects already completed or under development.

(VB/JM)

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