Fayrewood - troll free thread

If average debt is currently above €25.5m, but below €35m there may be some logic in FWY seeking to delay completion until early January in order to avoid any deductions.

"There will be a euro for euro deduction from the retained monies if UMD's average debt exceeds €25.5 million over a period between 1 September 2006 to completion. In the event that completion is delayed beyond 31 December 2006 the average debt allowed, before any deductions are made to the retention, will increase to €35.0 million to take account of the seasonal increase in working capital requirements."