Serbia cancels Corridor 10 contracts with bankrupt Austrian road builder Alpine Bau

By bne IntelliNews August 6, 2013

Serb motorway operator Koridori Srbije informed Austrian road builder Apline Bau on Tuesday, August 6, it has cancelled all four contracts for the construction of sections on the Pirot-Dimitrovgrad motorway and the Dimitrovgrad bypass, news agency Beta reported.

“With this notification the contract is considered cancelled,” the head of Koridori Srbije, Dmitar Djurovic, told a news conference.

Djurovic said that all conditions for cancelling the deal have been met and all parties involved have been consulted on the matter. The cancelation, announced in early July – after Alpine entered insolvency in June, was awaiting the opinion of the lawyer from Vienna, of Alpine’s bankruptcy receiver, as well as the consent of the World Bank and the EBRD – as project financiers.

Koridori Srbije is expected to call a new tender for completing the construction of the 15-km Pirot-Dimitrovgrad section (in the southeast – to the border with Bulgaria).

Alpine signed the contract for two sections on the Pan-European Corridor 10 worth EUR 30mn with Serbia in April 2010, expecting to wrap up construction works within two years. The deal also included the 5.8-km Dimitrovgrad city bypass and the 8.6-km section to the Bulgarian border.

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