Business
New York Wheel Update
New York Wheel Update.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \nRNS Number : 9629E Challenger Acquisitions Limited 24 October 2018 \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \nFor Immediate Release \n 24 October 2018\nChallenger Acquisitions Limited\n(\"Challenger\" or the \"Company\")\n \nNew York Wheel Update \n \nChallenger Acquisitions Limited (LSE: CHAL) announces that on 23 October 2018 it received a status update from the developers of the New York Wheel Project (\"NYW Project\" or the \"Project\"). Besides indicating in the update that the \"New York Wheel has paid approximately US$453 million in construction related expenses and costs across all Project components\", the concluding statements indicates \"there appear to be no viable options for financing the balance of the work required to complete the Project\" and the \"New York Wheel now intends to proceed in an effort to maximize its potential cash recovery from the DBT (Design Build Team) and its parents\". \n \nMark Gustafson, Challenger's Chief Executive Officer, commented, \"For all the stakeholders in the NYW Project, this is definitely not a good development assuming the Project does in fact not proceed. Besides being a minority shareholder, Challenger is not involved in any litigation connected to this project. Since our company was not expecting a return from this investment for several years, we are continuing to seek out, evaluate and review a potential project that can utilise the public company platform i...