Survival scheme for seven SIAC companies gets High Court approval

A survival scheme for seven key companies in construction giant SIAC employing about 200 people has been approved by the High Court. The scheme, subject to some final modifications being approved later this week, will become effective from Monday next.

Mr Justice Peter Kelly yesterday gave the go-ahead for survival proposals which will see a €10.5m investment in the company, with about €5m going to secured banker creditors — Bank of Ireland, Bank of Scotland and KBC Bank, owed some €42m.

The companies have a total 1,255 creditors, including 876 Irish/UK creditors and 379 Polish creditors, and most of those will get between 5%-10% of what they are owed.