The High Court has appointed an examiner to two more companies in the Fleming Construction Group.
The Tivway company was given court protection in July. Lawyers for the examiner, George Maloney, told the court that to ensure the survival of Tivway, two other companies in the group - John J Fleming Construction and JJ Fleming Holdings - also needed court protection.
ACCBank, which is owed €21.5m by the companies, had opposed the examinership. But Mr Justice Daniel O'Keeffe granted the companies court protection this morning. The protection for all three companies will extend until October 17.
The examiner outlined a plan for the survival of the companies which involves the 'hiving off' of the profitable part of the John J Fleming Construction Company and the completion of the remaining development assets - mainly a site in Sandyford in Dublin - with the support of banks excluding ACC.
The construction company owes Anglo Irish Bank €266m, AIB 130m and Bank of Scotland (Ireland) €48m.
This morning, Mr Justice Daniel O'Keeffe said that the examiner had given no estimate of the potential cost of completing the developments. He also said the other banks had given no unconditional commitment to funding the remaining building work.
But he said that if the restructuring were carried out in the way set out in an independent accountant's report, then he believed part of John J Fleming Construction was capable of acting as a going concern with a reasonable prospect of survival. He also extended court protection to JJ Fleming Holdings. ACCBank has not indicated whether or not it will appeal the decision.
