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Article: Bulgaria: Bulgaria Cancels EU715 Mln (USD1.1bn) Contract With Sacyr Unit.
- Article from:
- TendersInfo
- Article date:
- May 23, 2008
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Byline: pinto03
Bulgaria canceled a 715 million-euro ($1.1 billion) contract with a Portuguese-led partnership to build and operate a highway connecting its western border with the Black Sea coast, after the companies failed to raise the funds.
The Cabinet canceled the 35-year contract with Magistrala Trakia group, comprising Portugal's MSF, Lena Engenharia e Construcoes SA, Somague SGPS and Bulgaria's state-owned Technoexportstroi and Avtomagistrali, after they failed to meet their contractual obligation to raise the funds by a May 14 deadline, the government said in a statement today.
Somague is a unit of Sacyr Vallehermoso SA, Spain's fifth- ...