Moat claims on 3 of the 4 LSTK have been settled
Turning to Slide 7. At the end of the third quarter, Aecon had net cash of over $400 million including cash in joint operations. On December 31, 2023, convertible debentures with a face value of $184 million will mature and we expect to repay these debentures at maturity or before.
One of the four projects reached substantial or mechanical completion in the third quarter, as committed with our client with two of the remaining three projects currently expected to be substantially complete by date between late 2023 and mid-2024 and the final one currently expected to be substantially complete during 2025.
Aecon and its joint venture partners remain focused on dedicating all necessary resources to complete those four legacy projects and in the meantime continue to pursue fair and reasonable settlement agreements with the respective clients in each case. In this respect, we have also made progress in recent quarters. The most recent settlements reached and agreed to between the relevant joint ventures of the respective clients on each of the four projects including one in the second quarter and two in the third quarter of 2023 have brought additional clarity on schedule, compensation, construction costs and other potential liabilities.