Fleming’s 10-year rescue plan approved

THE High Court approved a 10-year rescue plan for three companies in the Fleming Construction Group, which has debts of €1 billion.

Mr Justice Brian McGovern said he believed the survival proposals would turn around the fortunes of the three companies – John J Fleming Construction, JJ Fleming Holdings and Tivway; would preserve 137 jobs and eventually give a return to creditors “way beyond what would be achieved in a liquidation”.

He was satisfied the support pledged by the banks to the companies under the scheme was substantial and the three companies had a reasonable prospect of survival, the judge added.