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Downer EDI Ltd’s (ASX:DOW) troubled Waratah train project has hit a new hurdle, with the New South Wales government warning it is "in serious risk" due to financing pressures.
After lengthy delays and two provisions, the engineering company delivered the first of 78 passenger train sets in April, under its contract with the New South Wales transport body, RailCorp.
However according to Fairfax, the New South Wales Treasurer yesterday warned the financing behind the Reliance Rail consortium's contract is too dependent on debt funding.
Accordingly, the state is considering “complex and sensitive discussions with the involved parties” in an effort to avoid further cost blowouts.
Downer EDI reported a net loss of $103.8 million in the first half of the 2011 financial year.
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