27.08.2013 - Company announcement

New Nørreport: Aarsleff will carry on the work

In connection with the filing for bankruptcy of E. Pihl & Søn A.S. yesterday on Monday 26 August, Per Aarsleff A/S hereby announces the following:

Pihl and Aarsleff are renovating New Nørreport Station in a joint venture which is liable jointly and severally to Rail Net Denmark. The joint venture is also liable to suppliers and subcontractors.

After Pihl’s filing for bankruptcy, Aarsleff will carry on the work and engage in negotiations with the employees from Pihl who are employed at the project with the purpose of taking over the conditions of employment for a shorter or longer period.

Aarsleff guarantees that the work will continue without interruptions to the extent possible and will take over the joint venture’s obligations to suppliers and subcontractors.

Aarsleff has an outstanding account of approx. DKK 30 million with Pihl deriving from projects where Aarsleff has worked as a subcontractor for Pihl. The financial consequences of the outstanding account will be recognised in Aarsleff’s interim financial report for the first nine months of the financial year published tomorrow on Wednesday 28 August.