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