The SIAC Construction group of companies has been "rescued" following agreement among the Feighery family, the majority shareholders of SIAC Holdings Ltd, CEO Martin Maher, senior management and Michael McAteer the Court appointed Examiner.

Schemes of Arrangement provide for the operating businesses to be separated from the investment and property companies. The new investment will be in the trading businesses and is conditional on the Examiner’s Scheme of Arrangement being approved by the Creditors and by the High Court.

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"The major part of the new investment will be to provide a debt free balance sheet for the operating companies," a statement from the company said. "Part will be used to pay creditors under the Scheme of Arrangement. All liabilities of the companies of whatever kind at 23rd October 2013 are dealt with in the Examiner’s Scheme of Arrangement."

Martin Maher CEO said: "I am relieved that subject to Creditor and Court Approval the SIAC Group established in 1913 can once again strive to be a leading Irish Construction business. I would like to thank our creditors, clients, partners and employees for the patience and support that they have shown during this process and hope that the Scheme structure provided will in some way negate the difficulties experienced by the Company’s creditors and preserve a significant number of jobs."

(IT/MH)