Challenger Acquisitions Limited - a leader in the giant observation wheel industry - posts losses of £1.5m for the six months to the end of June - up from £754,000 a year ago.
Post period end, the group received US$1 million from the New York Wheel Investors LLC.
The funds were originally raised by Challenger in January and held in escrow by NYWI until final funding arrangements for the NY Project were in place and now that NYWI has received sufficient funding commitments from its sponsoring investors it therefore does not require these funds.
Additionally, post period it reached an agreement with the three vendors of Starneth regarding the second cash instalment payment that was due on 15 July.
It will now be paid earlier on the financial closing of the Jakarta project or 50% of the balance on 15 January 2017 and the remaining 50% of the balance on 15 April 2017.
The payment accrues interest of 5% from 16 July 2016 and is secured by one common equity unit of NYWI held by Challenger until the entire cash payment has been made.