The High Court has approved a rescue plan for a group of companies within the Antigen group, which employs 310 people in Roscrea, Co Tipperary. The companies ran into financial difficulties earlier this year.

Under the scheme advanced by the court-appointed examiner, Mr Jason Sheehy, unsecured creditors will not be paid interest but will get their money back in full over a period of time, depending on the amount owed.

Small creditors can expect to be paid within months but larger creditors such as the Bank of Ireland and the ICC, which between them are owed £8.2 million (€10.4 million), will receive phased payments over 30 months.

A Canadian company, Mizza Pharmaceuticals, has agreed to invest an undisclosed but substantial sum in the business.