SIAC continues to trade as normal pending appeal

Building group Siac has said it intends to continue trading normally pending the outcome of a last-minute appeal that threatens to overturn a High Court-approved rescue plan for the business.

Mr Justice Peter Kelly last week gave the go-ahead to the plan under which a group of investors – including Siac’s owners, the Feighery family – agreed to put €10.5 million into the group. The firm sought court protection from its l,255 creditors, which it owed close to €70 million, last October.

However, the Supreme Court heard yesterday that GDDKiA, the Polish roads authority, which Siac itself is suing for €120 million, has launched a last-minute appeal against Justice Kelly’s decision, claiming its rights as a creditor have been unfairly prejudiced. The Chief Justice said the court would hold a priority hearing next week of the appeal by the Polish agency, which claims it is owed some E70 million by Siac companies, against the High Court’s approval of the scheme.

The scheme, due to come into operation yesterday, has been deferred until Tuesday, when a three-judge Supreme Court will hear the appeal. The Irish Times