SIAC secures protection of court

SIAC Construction Ltd and eight related companies, including the ultimate parent company in the 100-year-old construction group, have secured court protection to allow for preparation of a survival scheme.

The nine companies employ about 250 people full time and are “in a clear position of insolvency” arising from the economic downturn and losses resulting from SIAC’s involvement in Polish road building projects, the High Court was told yesterday.

Since 2008, the turnover of SIAC Construction Ltd (SCL) has fallen from €265m to €113m, the directors said in their petition. SCL also has trade creditors of €26.1m, additional current liabilities of €4.5m and other sums totalling €24.7m due in contract and rectification provision and intercompany liabilities. Polish creditors also had outstanding claims of some €7.4m.