Downtown Line contractor goes bust, stops work on three stations

[sunboy77]

From http://www.sgcarmart.com/news/article.php?AID=8241

"Work on three stations of the Downtown Line Stage 2 were halted on Wednesday after the main contractor, Alpine Bau GmbH, filed for insolvency. The stations affected are King Albert Park, Sixth Avenue, and Tan Kah Kee stations.

Speaking to The Business Times, a spokesman for Land Transport Authority (LTA) said the current priority is to "ensure safety and security of the sites". He added, " We are looking at various options to appoint new completion contractors to take over the project, and ensure there is minimal impact on the timeline."

The Downtown Line Stage 2 links the Bukit Timah corridor to Marina Bay, and is expected to be completed by 2015.

Alpine Bau is Austria's second largest construction firm. It won the contract for design and construction of three stations and tunnel for Downtown Line Stage 2, which is valued at $670.74 million in 2009."

[sunboy77]

Looks like the D21 and D10 people have to wait slightly longer to enjoy the DTL2... :mad:

[hopeful]

.....

Alpine Bau is Austria's second largest construction firm. It won the contract for design and construction of three stations and tunnel for Downtown Line Stage 2, which is valued at $670.74 million in 2009."

oh no.
murder of austria-hungary archduke lead to ww1
failure of austria bank lead to great depression.
now failure of austria construction firm will lead to .....?????

[princess_morbucks]

That company is supposed to be Austria's second-biggest construction firm and can go bust.
Scary leh!

[sunboy77]

Europe is really not doing well....

[reporter2]

http://www.businesstimes.com.sg/premium/top-stories/work-halts-3-stations-contractor-goes-insolvent-20130621

Published June 21, 2013

Work halts at 3 stations as contractor goes insolvent

By Mindy Tan


[SINGAPORE] Work ground to a halt at three upcoming train stations on Wednesday after Alpine Bau GmbH, the main contractor for them, filed for insolvency. It had been working on building Downtown Line Stage 2's King Albert Park, Sixth Avenue, and Tan Kah Kee Stations.

"LTA's immediate priority is to ensure the safety and security of the sites. Measures are being put in place to safeguard the sites and equipment," said a spokesperson for the Land Transport Authority (LTA), when contacted yesterday.

"We are looking at various options to appoint new completion contractors to take over the project," added the spokesperson.

"LTA will work closely with the appointed completion contractors to continue engaging the existing subcontractors to ensure minimal impact on the timeline."

Downtown Line Stage 2, which will link the Bukit Timah corridor to Marina Bay, is expected to be up by 2015.

Alpine Bau, Austria's second biggest construction firm, won the contract for the design and construction of the three stations and tunnels along Downtown Line Stage 2, valued at $670.74 million, in 2009. It has since been plagued by financial troubles, however, which led to it filing for insolvency on Wednesday.

Reuters had earlier reported that the insolvent construction unit of Spanish group FCC has liabilities of up to 2.6 billion euros, according to Austrian creditor agency KSV.

In the latest update on Alpine's website, the company said that "efforts to reach an out of court settlement for the restructuring of Alpine Group have, contrary to expectations, and despite significant support by financing partners and intensive efforts by the shareholder, not been successful and thus been terminated."

"In the course of these proceedings a concept has been developed by experienced subject-matter-experts to save parts of the Alpine Group and related employees as well as subcontractors. This concept shall be assessed and implemented in the next weeks by the competent administrators," it added.

[zzz1]

That company is supposed to be Austria's second-biggest construction firm and can go bust.
Scary leh!
The bigger, the more easily to bust... Big company and big overhead... Properly they have more managers then engineers...