DENMARK – PensionDanmark has said it expects no "big problems" for its ongoing construction projects after one of Denmark's oldest contracting companies, E Pihl & Son, filed for bankruptcy.
The DKK139bn (€18.6bn) labour-market pensions provider said it had two construction projects where E Pihl & Son acted as turnkey contractor – the Kanalfronten residential development in Vejle harbour and the UN City development in Copenhagen.
PensionDanmark said it took over Kanalfronten during the summer, and that the outstanding improvements had already been finished.
"Therefore, [the] bankruptcy is immaterial for this construction," it said.
As far as the UN City development is concerned, major problems are not expected as a result of the company failure.
"City & Port Development – the project's developer – is currently looking into the consequences more closely and expects to give a status report within a week," PensionDanmark said.
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