London Tower Developer Faces Insolvency Claim after Legal Challenge
The developer of the tallest skyscraper in London's financial district faces a legal challenge that could force it out of business after a dispute with the tower's builder, Reuters reported yesterday. Contractor Brookfield Multiplex launched a legal claim for about 16 million pounds ($25 million) against the owners of the 63-storey Pinnacle skyscraper this summer for payments relating to a 593 million pound construction contract. The 1 billion pound scheme on Bishopsgate in the UK capital is stalled as a stump in the ground after the developers failed to agree a major letting that would have freed up bank finance to complete the building. Read more.