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drum118
Superstar
cplchanb
Senior Member
honestly I think it all started when Verster opened his mouth to publicly bash CTS. this burned the bridge. they ought to have done it like the sopranos... deal with family problems internally but keep
a united front in public. i dont like either party for their incompetence but to air dirty laundry in front of the entire country only led to mutual resentment and not a joint desire to finish the job properly.
on a related note... how is the fix of the 3mm misaligned rails going... has there been an estimate given on how long it will take?
a united front in public. i dont like either party for their incompetence but to air dirty laundry in front of the entire country only led to mutual resentment and not a joint desire to finish the job properly.
on a related note... how is the fix of the 3mm misaligned rails going... has there been an estimate given on how long it will take?
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T3G
Senior Member
Has there been any info published yet as to why exactly Crosslinx has the TTC in their CrossHairs?
cplchanb
Senior Member
christiesplits
Senior Member
So, are we looking at even more delays? Like 2025?
innsertnamehere
Superstar
as far as I can tell Crosslinx is continuing work, just trying to find ways to sue Metrolinx to get more money since they are presumably not making any money off the project any more.
generalcanada
Senior Member
They are continuing work? the press release says that theyre stopping work? maybe just commissioning and handoff work with the ttc exclusively?
tnarduzzi
Active Member
Uncertainty re: L3 future and possible L2 to STC maybe?
innsertnamehere
Superstar
the latter is how I interpret it.
rbt
Senior Member
I don't think it means anything (with regards to the TTC).
TTC, as the operator, cannot begin training until the system is fully completed and ready (Metrolinx accepts CrossLinx as being finished). Usually there is some flexibility to allow access and training of some components while deficiencies are being fixed elsewhere, but with litigation they'll be sticking with the letter of the contract.
This is the same reason why the stairway to ET Seaton Park is still closed. Crosslinx doesn't have a beef with Toronto Parks, they're just not being flexible because Metrolinx hasn't been flexible.
alexb
Active Member
Moody's has downgraded their rating of Crosslinx. Article is attached.
Key highlights:
Concurrent with the rating change, Moody's changed the rating outlook to stable from negative, reflecting Moody's view that despite the delay and some additional risk, incremental time has been granted following the senior construction credit facility extension and we believe the project parties are working to achieve substantial completion and become operational.
Today's rating action reflects the material delay in the completion of the Eglinton Crosstown Light Rail Transit Project (the Eglinton LRT Project) beyond the scheduled substantial completion date (February 23, 2023) and well beyond the original scheduled substantial completion date (September 29, 2021).
Nonetheless, the terms of the project agreement give ProjectCo up to 18 months past the scheduled substantial completion date (i.e., up to August 23, 2024) to complete the Eglinton LRT Project (the long stop date) without triggering a termination of the project agreement, which should be sufficient time for the project to achieve substantial completion. Moreover, ProjectCo has recently secured lenders' consent to extend the maturity date of the senior construction credit facility by one year to September 29, 2024.
The rating action also recognizes that construction is 99% complete based on construction spend, with minor completion works and snagging items remaining at the majority of the stations and across the alignment. The main challenge for the project to achieve substantial completion and become operational is testing and commissioning, including operator driver training, which was materially delayed due to disagreements among the parties and because the Contracting Authority has yet to sign an operator agreement with an operator for the LRT system.
Edit: I guess you cant attach pdf files? The article is here but you need to sign up for a free account: https://www.moodys.com/research/Moo...ships-rating-to-Baa3-Rating-Action--PR_474480
Key highlights:
Concurrent with the rating change, Moody's changed the rating outlook to stable from negative, reflecting Moody's view that despite the delay and some additional risk, incremental time has been granted following the senior construction credit facility extension and we believe the project parties are working to achieve substantial completion and become operational.
Today's rating action reflects the material delay in the completion of the Eglinton Crosstown Light Rail Transit Project (the Eglinton LRT Project) beyond the scheduled substantial completion date (February 23, 2023) and well beyond the original scheduled substantial completion date (September 29, 2021).
Nonetheless, the terms of the project agreement give ProjectCo up to 18 months past the scheduled substantial completion date (i.e., up to August 23, 2024) to complete the Eglinton LRT Project (the long stop date) without triggering a termination of the project agreement, which should be sufficient time for the project to achieve substantial completion. Moreover, ProjectCo has recently secured lenders' consent to extend the maturity date of the senior construction credit facility by one year to September 29, 2024.
The rating action also recognizes that construction is 99% complete based on construction spend, with minor completion works and snagging items remaining at the majority of the stations and across the alignment. The main challenge for the project to achieve substantial completion and become operational is testing and commissioning, including operator driver training, which was materially delayed due to disagreements among the parties and because the Contracting Authority has yet to sign an operator agreement with an operator for the LRT system.
Edit: I guess you cant attach pdf files? The article is here but you need to sign up for a free account: https://www.moodys.com/research/Moo...ships-rating-to-Baa3-Rating-Action--PR_474480
generalcanada
Senior Member
ooh February 2023 i wonder if thats the "credible plan" that was tossed around metrolinx says wasnt credible
This might actually line up, TTC is going around finding deficiencies preventing handover and cts is getting annoyed that the ttc is letting them get away with low quality work
Why is the ttc involved before handoff? who decides that substatial completion is attained?
Metrolinx has yet to sign an operating agreement with the ttc? theres no way thats true? that had been signed 2 years ago?
Monarch Butterfly
Superstar
The TTC doesn't want to take it over if there will be problems like what Ottawa experienced with their LRT. Ottawa had no experience with rail vehicles so depended upon others to tell them if things are fine, while the TTC does know what to look for and wants them corrected properly before accepting.
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