Los Angeles International Airport (LAX) Integrated Express Solutions (LINX), the SPV behind the LAX Automated People Mover, has submitted a “relief event notice” to Los Angeles World Airports, after receiving a notification of force majeure.
The situation is still being monitored and impacts are yet to be determined, according to documents seen by Inframation.
LINX, a consortium made up of Balfour Beatty, Bombardier, Fluor Corporation, Grupo ACS and HOCHTIEF as equity providers, was awarded the USD 1.9bn contract in June 2018 to DBFOM the project.
LINX secured USD 1.2bn in private activity bonds (PABS) to back the project. Fitch downgraded the PABs a notch to BBB- from BBB this month due to the potential for further credit deterioration of key project counterparties over the next two years.