Hill International Receives More Than $9.4 Million from Libya’s ODAC
December 04 2019 - 6:50AM
Hill International, Inc. (NYSE:HIL), (“Hill” or the
“Company”), the global leader in managing construction risk,
announced today that it has received additional partial payments of
more than $9.4 million against the approximately $42 million
outstanding accounts receivable that the Company had been owed from
the Organization for the Development of Administrative Centres
(“ODAC”), an agency of the Libyan national government.
Including payments made in 2013, 2014, and 2018,
Hill has now collected approximately $23 million against its
original accounts receivable balance outstanding at the time when
the Libyan civil unrest began in February 2011. Hill’s remaining
accounts receivable balance with the ODAC is now down to
approximately $32 million. The Company previously reserved the
entire net accounts receivable from the ODAC. “We are extremely
pleased to have received this payment,” said Raouf Ghali, Hill’s
Chief Executive Officer. “This is another major step in collecting
our outstanding receivables from our client ODAC and ultimately
getting back to work in Libya.”
About Hill International
Hill International, with approximately 2,700
professionals in more than 50 offices worldwide, provides program
management, project management, construction management, and other
consulting services to clients in a variety of market sectors.
Engineering News-Record magazine recently ranked Hill as the
eighth-largest construction management firm in the United States.
For more information on Hill, please visit our website at
www.hillintl.com.
Forward Looking Statements
Certain statements contained herein may be
considered “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, and it is our
intent that any such statements be protected by the safe harbor
created thereby. Except for historical information, the matters set
forth herein including, but not limited to, any statements of
belief or intent, any statements concerning our plans, strategies,
and objectives for future operations are forward-looking
statements. These forward-looking statements are based on our
current expectations, estimates and assumptions and are subject to
certain risks and uncertainties. Although we believe that the
expectations, estimates, and assumptions reflected in our
forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Important factors that could cause our
actual results to differ materially from estimates or projections
contained in our forward-looking statements are set forth in the
Risk Factors section and elsewhere in the reports we have filed
with the Securities and Exchange Commission, including that
unfavorable global economic conditions may adversely impact our
business, our backlog may not be fully realized as revenue, and our
expenses may be higher than anticipated. We do not intend, and
undertake no obligation, to update any forward-looking
statement.
Hill International, Inc. Elizabeth J. Zipf,
LEED AP BD+C Senior Vice President Hill International, Inc.
One Commerce Square 2005 Market Street, 17th Floor
Philadelphia, PA 19103 (215) 309-7707
elizabethzipf@hillintl.com
Hill International, Inc.Todd Weintraub Senior
Vice President and Chief Financial Officer (215) 309-7951
toddweintraub@hillintl.com
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