Forest City, Skanska Close to Buyout Deal?

    by
    9

    Forest City Ratner and Skanska are discussing a buyout deal and have already set a price, although other terms are still under negotiation, according to a letter Skanska sent to the judge overseeing the former partners’ lawsuits over the stalled modular B2 tower. In fact, a closing date was set for Monday, Atlantic Yards Report reported. There has been no announcement from either party, so perhaps the closing has not yet taken place.

    Forest City would buy out Skanska, freeing up Forest City to restart construction on the stalled tower. A buyout deal could include compensation for cost overruns the two have been fighting about in court and put the lawsuits to rest.

    Forest City Seems Ready to Buy out Skanska’s Interest in Closed Modular Factory; Deal Could Close Tomorrow [AYR]
    Skanska Coverage [Brownstoner]
    Photo by Field Condition

    Update: We have just received a statement from Skanska. It says: “Today FCRC Modular LLC and Skanska Modular LLC announced that FCRC Modular LLC will purchase the ownership interest of Skanska Modular LLC in their jointly owned modular factory business in the Brooklyn Navy Yard, FC+Skanska Modular LLC, for an undisclosed amount. The agreement, achieved through mediation with Roger J. Peters, Esq., marks the end of the companies’ partnership at the modular factory and makes FCRC Modular the sole owner and manager of the modular business. Litigation between the companies over the B2 Project will continue and is not impacted by this agreement.”

    What's Happening