MDS Inc writes off MAPLE assets
MDS Inc, parent company of radioisotope producer MDS Nordion, is to write off the value of its assets in the abandoned MAPLE reactor project.
MDS Inc, parent company of radioisotope producer MDS Nordion, is to write off the value of its assets in the abandoned MAPLE reactor project.
Inside one of the MAPLE reactors during commissioning trials |
MDS Inc says the write-down, along with a C$260-270 million ($209-217 million) writedown of MDS Pharma Services goodwill that it expects to make, will result in a net loss below the range expected for 2008, but will have no impact on the company's cash positions or the day-to-day operations at MDS Nordion and MDS Pharma.
MDS has launched proceedings against AECL claiming C$1.6 billion ($1.2 billion) in damages, but MDS Inc president and CEO Stephen de Falco said the company had been required to take a full write-down of the MAPLE assets because of the difficulty of forecasting the outcome of the dispute. "We continue to have a strong case against AECL and the Government of Canada relating to the MAPLE agreement," he said.