The decision to restructure operations and to balance destabilized financial flows had been taken due to deliberate non-payment by Germany’s Nukem Technologies for the works done.
“The company currently finds itself forced to direct a significant part of its working capital for settlements with subcontractors who were involved in the projects on the construction of spent nuclear fuel storage facilities at Ignalina Nuclear Power Plant (INPP). As a result, the company’s operations on other sites have been disrupted. We have decided to restructure so as to restart the company’s operations and balance its financial flows,” Rolandas Baškus, chairman of Vėtrūna, said in a press release.
The company says that it continues preparations for filing a suit with Frankfurt arbitration court as it seeks to claim more than 23 million litas (EUR 6.67m) from Nukem Technologies.
Nukem Technologies and Vėtrūna signed a subcontract agreement in August 2010. Vėtrūna was contracted to do the construction work on the spent fuel and solid radioactive waste storage facilities. In the first project, it replaced Ranga IV, another major building company, which had also terminated its contract with Nukem over debts.
