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Examiner appointed to Siac as Euro 126m deficit is revealed

There is a Euro 126 million financial hole at the heart of Siac, the troubled Irish construction giant that is seeking protection from its creditors in the courts. New legal filings reveal that the I

27th October, 2013

There is a Euro 126 million financial hole at the heart of Siac, the troubled Irish construction giant that is seeking protection from its creditors in the courts.

New legal filings reveal that the Irish-owned company would leave behind a deficit of Euro 126 million in the event of immediate liquidation, with unsecured creditors being exposed for almost Euro 80 million.

The figure is a worst case scenario, and factors in all of the company's guarantees and collateral...

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