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Was Vinci's A355 ever bankable?
08 June 2012
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The French government has withdrawn Vinci’s preferred bidder status for the Eu750 million ($934.7 million) A355 western Strasbourg bypass concession. In January, the French Ministry for Ecology, Sustainable Development, Transport & Housing (MEEDAT) named Vinci preferred bidder, but the project has faced difficulties, both from faltering political support and dwindling bank appetite.
The French government refused to extend Vinci’s preferred bidder status beyond 28 May, the deadline for the sponsor to sign in financing commitments, and said that it had concerns that the sponsor would be unable to reach an agreement. Vinci retorted that several banks had already confirmed their participation in the financing and that a short extension would allow a final two banks to sign up and close the financing.
The project, which was first put forward in the 1970s, would have entailed the construction of a 24km...
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