Polish Roads Authority loses Supreme Court appeal over SIAC survival scheme

Tuesday 25 February 2014 16.40
The Polish authority claims to be owed up to €70m by SIAC
The Polish authority claims to be owed up to €70m by SIAC

The Supreme Court has dismissed an appeal by the Polish Roads Authority against a survival scheme for construction company SIAC.

The decision clears the way for the implementation of a survival scheme for key companies in the group.

The Polish authority claims to be owed up to €70m by SIAC.  

It had urged the Supreme Court to approve changes to the scheme to take into account its claim.

Its application was opposed by SIAC, its examiner, creditor banks and investors. 

An investment of €10.5m under the survival scheme 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 PRA appeal.

The three-judge Supreme Court said today it would dismiss the appeal.  

The court will give the reasons for its decision at a later date.