Astaldi ex­pected to com­plete work: Nal­cor

Par­ent com­pany to Astaldi Canada files un­der Ital­ian In­sol­vency Act

The Labradorian - - Puzzles -

Astaldi SPA has filed for cred­i­tor pro­tec­tion un­der the Ital­ian In­sol­vency Act, but the ap­pli­ca­tion will still al­low work on con­tracts around the world.

Sub­sidiary Astaldi Canada is a lead con­trac­tor on Nal­cor En­ergy’s hy­dro­elec­tric dam project at Muskrat Falls, and Nal­cor En­ergy is, “con­tin­u­ing to mon­i­tor the sit­u­a­tion,” ac­cord­ing to a state­ment is­sued by New­found­land and Labrador’s Crown cor­po­ra­tion last week.

Astaldi con­tin­ues its work in Labrador. The com­pany’s work at Muskrat Falls was about 95 per cent com­plete as of the end of Au­gust and there was no fur­ther up­date to that fig­ure, in an emailed re­sponse to ques­tions posed by SaltWire Net­work.

Nal­cor said it con­tin­ues to pay the con­struc­tion com­pany in ac­cor­dance with con­tracts in place, and has per­for­mance se­cu­ri­ties (let­ters of credit and bonds) for fi­nan­cial pro­tec­tion if Astaldi does not live up to con­tract com­mit­ments.

“We won’t be com­plet­ing an in­ter­view as this is a com­mer­cial is­sue with Astaldi,” a spokes­woman for Nal­cor En­ergy stated in the email.

For its part, the par­ent com­pany Astaldi had been work­ing on a deal that would pro­vide an in­jec­tion of cash, tied to the sale of its in­ter­est in the Yavuz Sul­tan Se­lim Bridge, span­ning the Bospho­rus Strait in Turkey.

It is also re­ferred to as the Third Bospho­rus Bridge.

The com­pany filed for pro­tec­tion un­der the in­sol­vency act after a de­lay in the bridge deal. Astaldi says the de­lay is tied to po­lit­i­cal and eco­nomic/fi­nan­cial events in Turkey this year.

The com­pany says its plans are now fo­cused on safe­guard­ing busi­ness ac­tiv­ity, and it is ex­pected to file more to the Court of Rome.

CON­TRIB­UTED

Con­struc­tion of the Third Bospho­rus Bridge be­gan in 2013, and the fi­nal key seg­ment to close the deck was welded in place on March 6, 2016. This com­pany photo of the bridge was re­leased at that time.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.