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No GMWDA deal close before Christmas

Expectant observers hoping for a pre-Christmas sign-off for the £3bn Greater Manchester Waste Disposal Authority Viridor/Laing waste deal will be disappointed.

A deadline of three to four weeks until close was announced on December 1, which could have meant sign off before December 25. The estimated four week deadline ends on December 28.

In the announcement on December 1, GMWDA said that the main commercial aspects of the contract had been agreed and that the final credit approvals processes were scheduled to take about three to four weeks (See MRW story).

But in a progress update today, a spokeswoman for the authority said: GMWDA is continuing to work collaboratively with Viridor/Laing and the funders towards achieving financial close at the earliest opportunity. However, some of the funders have not been able to complete their credit approval procedures in advance of the Christmas break.

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