Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
June 4, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report June 4, 2001 |
Feedback
|
|
|
Bechtel stays, DPC lenders transfer funds to phase IIBS Banking Bureau Bechtel, the engineering, procurement and construction contractor which holds 10 per cent stake in the Dabhol Power Company, has been persuaded to stay back. Bechtel had threatened to pull out of the project in the first week of June as the DPC was not in a position to stick to its payment schedule for the EPC contractor. Lenders across both phase I and II have voted in favour of a resolution allowing the company to transfer $5 million from phase I kitty to phase II for the purpose of completion of the project work. "Over 66 per cent of the lenders were in favour of this resolution. There is no problem in clearing Bechtel's dues. It has agreed to stay back," said a source. It may be recalled that the phase I lenders overwhelmingly supported the issuance the preliminary termination notice to MSEB. But when it came to the transfer of funds from phase I to phase II to clear Bechtel's dues, lenders of both phases supported the motion. Powered by YOU MAY ALSO WANT TO READ:
|
||||
