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News: Christiani & Nielsen

Christiani & Nielsen was expected to be sold whole or in parts by the end of December after a cashflow crisis forced the contractor into administration.

The administrator KPMG has dismissed all but 22 of the 250 plus staff and the contractor has effectively stopped trading.

A source close to the contractor said the company had been crippled by ú15M ($22M)of long standing unpaid claims on the ú50M immersed tube tunnel contract at Preveza in Greece and a road improvement scheme in South Wales.

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