Costain has not received Belvedere payment from AE&E Inova

Costain says the latest £2.6m due under its sub-contract for the Belvedere energy-from-waste facility has not yet been received.

The payment was due on Friday.

Costain says it is maintaining an active dialogue with AE&E Inova as the Swiss-based company seeks to secure its future and meet its obligations.

Costain also continues concurrent and positive discussions with Cory Environmental, for whom the Belvedere facility is a development project, regarding payments and completion of the project.

Costain says it has been advised by AE&E Inova that it has "binding offers from well-known strategic investors" and has indicated it is confident it will now be able to secure its future.

Story provided by StockMarketWire.com

13/12/2010