PART ONE The parties agreed to terminate the PFI contract
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Laser could not afford to complete the new facilities
Laser could not afford to complete the new facilities
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In July 1998, Laser had access to funds that it considered sufficient to complete construction
Initially, JLC Ltd protected Laser against construction cost increases and consequences of delays
The costs of rectifying the design were greater than John Laing plc was prepared to bear
Laser too ran out of funds
Given the construction related uncertainties, neither Serco Group plc nor the Lenders were prepared to extend their commitments in support of Laser
In a precarious financial position, Laser proposed a negotiated termination of the contract