Fleming Construction under threat after court rejects restructuring plan

THE future of one of the country’s largest building groups is under threat following the decision by the Supreme Court to reject a restructuring plan.

The decision by the five judges will result in the loss of more than 100 jobs at the Cork-based Fleming Construction Group.

It comes on foot of an appeal taken last year by Dutch-owned ACC Bank against the High Court’s ruling in relation to John J Fleming Construction, JJ Fleming Holdings and Tivway. They collectively have debts of over €1 billion, including €260 million owed to Anglo Irish Bank. A statement issued on behalf of Mr Fleming said he was very disappointed. He said despite a huge effort from all involved in the company, including staff and creditors, the actions of ACC Bank in opposing the restructuring plan would result in job losses.