Road Management Services (A13) PLC Re Agreement (1603M)
January 18 2016 - 5:02AM
UK Regulatory
TIDM83OX
RNS Number : 1603M
Road Management Services (A13) PLC
18 January 2016
ROAD MANAGEMENT SERVICES (A13) PLC (the "Company")
Registered Office: Carillion House, 84 Salop Street,
Wolverhampton WV3 0SR
Company Number: 03917644
The Company received a letter before action on 5 June 2015 on
behalf of MBIA UK Insurance Limited ("MBIA") asserting that the
Company is liable under the terms of a Collateral Deed and an
Insurance and Indemnity Agreement entered into between the Company,
MBIA and certain other parties in April 2000, to reimburse circa.
GBP2 million to MBIA in respect of advisor fees incurred by MBIA as
a result of breach of certain financial covenants as notified to
the creditors on 13 April 2011. MBIA is one of the creditors of the
Company in connection with the financing of the PFI project
granting a concession or the operation and maintenance of the A13
road.
The Company is pleased to announce that they have now agreed and
executed settlement terms in relation to the above dispute on 12
January 2016. There is therefore no remaining potential litigation
pending with regard to this letter.
Gordon Howard
Company Secretary
18(th) January 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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