Tivway judgement due on Monday

A High Court judge will decide on Monday if he is to extend court protection from its creditors to the parent companies of a firm within the John J Fleming Construction group.

The examiner of Tivway Ltd, a subsidiary one of the Cork-based Fleming group of companies, has applied to the High Court to have both John J Fleming Construction and JJ Fleming Holdings included as part of the examinership process that would allow the companies survive.

In reserving judgment today Mr Justice Daniel O'Keeffe said that he will give his decision at 10am on Monday morning.

The group employs 650 people and has overall debts of some €1bn. The companies' difficulties originate in its move away from construction into development.

ACC bank, which is owed €21m, has opposed the application to extend the examinership on the grounds that it is a cram down of the parent company's liabilities rather than something that would facilitate the ongoing survival of the companies.

Mr George Maloney of Baker Tilly Ryan Glennon was appointed as examiner to the firm last July in an effort to come up with a scheme of arrangement that if approved by the High Court would allow the firms to survive.

Due to the relationship between the companies the Court heard that the group's survival is remote unless the scheme is extended to include both parent companies. The company has attracted the interest of an investor and there is confidence it can be saved.

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