Court approves SIAC rescue

The Supreme Court has cleared the way for implementation of a survival scheme for key companies of construction giant SIAC after dismissing a last-minute challenge by the Polish Roads Authority to the scheme.

The authority, which claims to be owed up to €70m by SIAC, urged the court to approve changes to the scheme to take into account its claim.

Its application, made after the High Court earlier this month approved the scheme, was strongly resisted by SIAC, its examiner, creditor banks, and a group of investors whose investment of €10.5m was described as essential to the survival of the companies and the jobs of 219 employees. The High Court had placed a stay on the scheme coming into effect pending the appeal.