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Sunday 23 September 2018 6:22 pm|Updated:Tuesday 21 May 2019 4:27 pmCompany behind pound;1.3bn tidal lagoon scheme strikes debt dealBy: Callum KeownShareFacebookShare on FacebookXShare on Twi stanley cup tterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailAdd as a preferredsource on GoogleTHE firm behind a pound;1.3bn tidal lagoon project has agreed a company voluntary agreement CVA to resurrect the project and pay off its debts.The Swansea Bay Tidal Lagoon project was rejected by the UK government in June after ministers refused to pay the subsidy needed to build t polene he world s first tidal power lagoon.Tidal Lagoon Plc has since lost high-profile backers such as billionaire businessman Sanjeev Gupta, who has turned his attentions to a rival project with Simec Atlantis.Read more: Government backs plans for pound;1.3bn Swansea Bay tidal lagoonThe CVA will give the company two years to raise funds for the project before creditors could opt to take action. Its creditors include the Welsh government, which loaned the company pound;1.25m in March and an extra pound;1.25m to subsidiary Tidal Lagoon Swansea Bay Plc in February 2015.A spokesman for the company said: The CVA approval process has concluded successfully, which means it was approved by shareholders and creditors and we can continue work to deliver Swansea Bay Tidal Lagoon and the wider ti stanley cup dal lagoon programme.It is intended that through this work we will be able to settle all creditor claims.r Lvaz Skiing beats networking
Tuesday 31 July 2012 3:55 am|Updated:Wednesday 29 May 2019 10:10 pmGKN profit rise driven by auto unit gro stanley quencher wthBy: John DunneShareFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailAdd as a preferredsource on GoogleBritish car and plane parts maker GKN has said its first half profit rose a third, driven by solid growth at its automotive business on the back stanley germany of robust luxury car sales.GKN, which makes auto components as well as airframes for Airbus and Boeing, this morning said its pre-tax profit rose 33 per cent to pound;266m in the six months to the end of June, while revenues rose 16 per cent to pound;3.46bn.GKN, which earlier this month bought Volvorsquo aerospace division for $990m, increased the interim dividend by 20 per cent to 2.4 pence and said it was bullish about its prospects for the remainder of the year.The macroeconomic environment continues to be uncertain, with increasing headwinds in European auto markets. However, with the benefit of a good first half and the grouprsquo broad exposure to global markets hellip; we expect 2012 to be another good year of progress for GKN, the company said.GKN was expected to report an average first half pre- stanley cup tax profit of pound;259m and is forecast to deliver a full year profit of around pound;491m, according to Thomson Reuters data. Share this articleFacebookXLinkedInWhatsAppEmailSimilarly tagged content: SectionsNewsCategoriesBusinessTrending A
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