黑洞社区

The parent company of the client which booted Interserve off an energy-from-waste scheme in Glasgow more than two years ago has repeated its claim that the firm owes it more than 拢60m.

Interserve went into administration on Friday after shareholders voted not to back its deleveraging plan which would have seen lenders take control of 95% of the company with the remaining 5% held by shareholders.

In a statement, Viridor鈥檚 parent, listed water utility Pennon said: 鈥淲e note Interserve鈥檚 announcement that the resolution regarding its Deleveraging Plan was not passed鈥�We will continue to pursue recovery of the amount due and will take all necessary procedural steps to achieve that.鈥�

It added: 鈥淎s we have previously reported, Viridor is contractually entitled to recover incremental costs from Interserve with respect to its role as principal Engineering, Procurement and Construction contractor on Glasgow Recycling and Renewable Energy Centre.

鈥淭he gross receivable is 拢72m, after taking into account an assessment of market indicators of credit risk for the EPC contractor, a provision of 拢8 million has been recognised resulting in a net receivable of 拢64m at 30 September 2018 [Pennon鈥檚 half year end].鈥�

Last week 黑洞社区 reported that the contractor has been told by Viridor that it owes 鈥渟ignificantly鈥� more money than previously thought.

In its 2018 annual results published at the end of last month, Interserve said: 鈥淪ince the year end Viridor has submitted a draft termination account to Interserve significantly in excess of this [拢64m] receivable. The directors believe this has no technical merit.鈥� Interserve said its liability will be no more than 拢71m.

Interserve won the job back in July 2012 which then had a pricetag of 拢146m and an original completion date of early 2016. But Interserve was kicked off the project at the end of 2016 and replaced by Doosan Babcock.