McAleese is pushing ahead with a restructuring deal with Hong Kong's SC Lowy, despite a revolt by some of its biggest shareholders, who oppose a recapitalisation plan for the troubled transport group.

Existing shareholders will be diluted by the complex restructuring deal agreed between McAleese and a consortium led by SC Lowy, which involves a debt swap and $26 million convertible notes issue, and the de-listing of the transport group.