Contractor receives 拢2.6m and assurances from AE&E Inova

Contractor Costain has received its missing 拢2.6m payment for work on the Belvedere waste-to-energy plant from struggling main contractor AE&E Inova, it said today.

Costain said it had been assured by AE&E, part of which went into administration in Austria two weeks ago, that it had now been purchased by the Hitachi Zosen Corporation and was able to carry on trading.

Costain was owed 拢22m by the firm for work it had already carried out, and last week the first 拢2.6m instalment of this payment was missed. In a statement it said: 鈥淚n a letter, dated 20 December, to their customers, suppliers and partners, AE&E Inova has confirmed that they have completed and legally approved the Stock Purchase Agreement for AE&E Inova AG, and that their new owner is Hitachi Zosen Corporation.

鈥淐ostain is also pleased to confirm that the 拢2.6 million sub-contract stage payment due to Costain on Friday 10 December has been received.鈥�

It added it looked forward to maintaining a 鈥渃onstructive relationship鈥� with AE&E Inova over the plant.

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