New York Wheel Update
Challenger Acquisitions Limited (LSE: CHAL) announces that on 23 October 2018 it received a status update from the developers of the New York Wheel Project (“NYW Project” or the “Project”).
Besides indicating in the update that the “New York Wheel has paid approximately US$453 million in construction related expenses and costs across all Project components”, the concluding statements indicates “there appear to be no viable options for financing the balance of the work required to complete the Project” and the “New York Wheel now intends to proceed in an effort to maximize its potential cash recovery from the DBT (Design Build Team) and its parents”.
A copy of the announcement can be downloaded HERE
