Struggling construction group Ballast Nedam said on Wednesday it had agreed measures to deal with heavy losses at its infrastructure division.

The package of measures was worked out together with Ballast Nedam’s banks – ING Bank, Rabobank and Royal Bank of Scotland – and construction firms Strukton and Strabag which are its partners in several projects.

Strukton and the banking syndicate have each granted a €10m bridging loan, both to be repaid from the net proceeds of a €20m rights issue, which will be underwritten by Strukton and the banks.

Ballast Nedam is also ‘actively scaling back’ its interests in large-scale infrastructure projects, reducing its share of the A15 Maasvlakte-Vaanplein project from 40% to 10%.

Results

The company, which has twice postponed publication of its 2014 results, will now publish them on April 30 after trading.

The company, which has not made a profit since 2011, said in November it was selling its offshore activities to Van Oord to raise cash.

The company’s financial woes have been mainly caused by the losses incurred on the A15 Maasvlakte – Vaanplein road project and by ‘further disappointing project results’ in the infrastructure division.