On 30 December, the shareholders of the financially ailing US construction company Katerra voted in favour of recapitalisation and strategic reorientation. According to US media, provision of roughly another US$200m by the SoftBank Vision Fund has averted Chapter 11 proceedings for the time being. As part of the financing, Greensill Capital funded by SoftBank is waiving debts of approximately US$435m in exchange for a share of 5 % in Katerra.
Paal Kibsgaard, CEO of Katerra since July, says the purpose of the recapitalisation is to reduce the existing liabilities and strengthen the company’s balance sheet. Kibsgaard gave the commercial market launch of Katerra’s first BIM platform, stabilisation in growth on the North American solid-wood market, particularly in the cross-laminated timber (CLT) segment, expansion of the national network of general contractors in the new building and renovation sectors, and business activities in Saudi Arabia and India as key components of the announced reorientation.
