News: MCS McAleese appoints voluntary administrators

Aug 29 (Reuters) - McAleese Ltd (MCS) :

• Appointment of voluntary administrators
• Voluntary administrators appointed to oversee affairs of company and of those companies listed in the attached schedule
• Joseph David Hayes, Jason Preston, William James Harris and Keith Alexander Crawford of McGrath Nicol appointed administrators
• Mcaleese's uncompromised senior debt and all accrued interest was immediately due and payable
• McAleese is now in voluntary administration and shareholders are highly unlikely to receive any value for their existing shares
• TTPH condition was not satisfied and failure to meet that condition was not waived by sc lowy consortium
• Understands that SC Lowy consortium and Rowsthorn interests will continue to seek to implement an alternative transaction
• SC Lowy Consortium declined to enter into any new forbearance arrangement