Funds for 3Rs schools confirmed

Refinancing of the £120m 3Rs school building project in Aberdeen is in place, the city council has confirmed.

The Scandinavian consortium constructing the schools ran into difficulties when Landsbanki, its Icelandic investor, collapsed.

However, a "detailed review" of Landsbanki's proposal to refinance the project itself and negotiations has been successfully carried out.

The aim is to provide the city with new and refurbished schools.

Cllr Kevin Stewart, chairman of the 3Rs project board, said: "I am delighted that the uncertainty is now over and that we can continue with this first-class project."