Significant sums of money are currently unpaid in connection with Project. The CNADNR has been unable to advise us whether it has funds available to meet payment obligations for works to be performed in 2010. Unfortunately, whatever the reasons for this, lack of payment to us inevitably impacts our cash flow and our ability to plan future work properly. There have also been some other hurdles faced by the CNADNR, such as providing us with clear and unhindered access to significant continuous areas of land.

The consequence of all of these challenges is that we have had to make significant reductions in our planned construction activity on the Autostrada Transilvania Project. This means that we have insufficient activities to keep our employees working and we are forced to contemplate a collective dismissal.

We have taken the decision to halt other dismissal processes as part of the re-assessment of our reduced operations and so that all affected employees will be treated equally.
"It is with great regret that we must consider taking this action. We will be consulting with trade unions and we will still look for measures that could minimise the number of the redundant positions." said Michael Swinford, AT Project Manager.

In the event of the process results in a collective dismissal, affected employees will receive a severance payment of two months salary. The process will take a while to complete and the collective dismissals could be stopped if circumstances alter favorably.

“We are committed to supporting the Ministry of Transport, CNADNR, and the leaders of the government in its efforts to find funding sources for the project so that we can continue the works this year,” added Swinford.
 

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