The «Algarve sub-concessionaire is trying to overcome the problems raised by the financing banks, related to the successive drops in the ratings of the banks». This was how the Rotas do Algarve Litoral concessionaire, belonging to the Rotas Regionales Road Group, responded to the request for clarification on the stoppage of the works on the EN125. Sul Informação yesterday reported it firsthand.
The EN125 rehabilitation works, which in recent times have been advancing at a very slow pace, have now been suspended.
Macário Correia, president of the Chamber of Faro, told the program «Portugal em Direto» of Antena1, having information indicating that such a stop should last for at least two weeks, until Easter.
Macario Correia, yesterday contacted by Sul Informação, he said that he "officially" has "no knowledge of this stop", but stressed that "it is not surprising that this could happen, even as a form of negotiating pressure from the consortium" concessionaire for the intervention along the 273 kilometers of the EN125.
At the origin of this stoppage in the works, which are already over a year behind schedule, are the financial problems that the consortium has been facing. The consortium is formed by four companies – Edifer, Iridium (Spanish group ACS), Tecnovia and Conduril. Edifer is in the process of insolvency and the others have been experiencing difficulties in obtaining funding from the bank.
Macário Correia, in his statements to the Sul Informação, even admitted that it is a “work insecure from a financial point of view”.
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