£15m Scot-Govt bridging loan helps keep Bi-Fab wind-turbine platform construction yard in business – for now

Bi-Fab workers march on Holyrood in wind farm wages protest on 16 Nov 2017
Bi-Fab workers march on Holyrood in wind farm wages protest on 16 Nov 2017

The offer of a £15 million Scot-Govt loan to Bi-Fab help complete a financial jig-saw with the company’s business partners and prevent it collapsing into Administration.

The cash will be available on standard commercial bank lending terms to pay the wages of Bi-Fab workers to complete the £100 million or 26 subsea platforms for SSE’s Moray Firth wind farm development.

The Fife-based company was in a ‘crisis environment’ and was just ‘minutes away’ from falling in Administration, Scottish Industry Minister Keith Brown, told MSPs because it had run out of cash to pay wages as a result of late, or non-payment of instalments from its wind farm client.

He said: “On three occasions the company was about to go into administration and twice I phoned them to postpone that so we could get the time and space to work to a solution.”

24 Nov 2017

 

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