However, the spokesman added: "The issues raised by the recent Take Pride In Prudhoe report concerning the culvert are currently being investigated by council officers." TPIP
also claims work being done on the Station Road sewer in Prudhoe will add to the flows directed into the fragile culvert, and the flood zone around the culvert entrance has a history of flooding adjacent businesses and an electrical sub-station.
TPIP's principal creditors--which include Germany's Kreditanstalt fuer Wiederaufbau and Thailand's Bangkok Bank and Krung Thai Bank--raised concerns about the lack of transparency in the transaction and the low selling price.
The proposed deal would have required the creditors to write off debt repayments of US$400 million rather than the US$75 million proposed in TPIP's original debt-restructuring plan, analysts said.
Because of these concerns, TPIP creditors postponed a decision until the end of October or beginning of November while a compromise is negotiated with CEMEX.
A CEMEX spokesperson said the company is willing to negotiate with the creditors but also said the company was standing by its offer of US$300 million for TPIP. "The ball is in their court," said the spokesperson.