Posted Sep 9, 2018, 3:38 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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https://www.silive.com/news/2018/09/..._extensio.html
Embattled NY Wheel: Court motion outlines last shot at mediation
By Tracey Porpora
Sept 8, 2018
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The New York Wheel may be granted one last shot in the mediation process to advance the construction of the 630-foot tourist attraction on the St. George waterfront, as the developer and its former contractor, the Holland-based Mammoet-Starneth, have come up with a proposed amendment to the original settlement agreement -- extending the standstill period for getting the project back on track until early 2019.
On Friday, the embattled Wheel filed a motion for an order approving the amendment in Delaware Bankruptcy Court that -- among other things -- gives the developer a final standstill deadline of Jan. 7, 2019, to hire a new contractor to complete the project, according to court documents.
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In exchange for the extension of the standstill period, the amendment provides, among other things that "if no termination event has occurred on or prior to October 23, 2018, NYW shall be deemed to have waived and released its rights with respect to the ownership of the Wheel Components and allocation of proceeds of any sale related thereto," the motion states.
However, if the Wheel can provide proof to Mammoet-Starneth and Mammoet USA (MUSA) that it has the financing to purchase the parts, the developer can participate in an auction of the Wheel components, according to court documents.
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