GUPC Agrees to Restart Panama Canal New Locks Project

The new locks contractor Grupo Unidos por el Canal, S.A. (GUPC) yesterday accepted Panama Canal Authority’s (ACP) repeated request and agreed to restart the construction of the Third Set of Locks project today.

GUPC is formed by companies Sacyr Vallehermoso, S.A (Spain), Impregilo, S.p.A. (Italy), Jan de Nul Group and Constructora Urbana, S.A. (CUSA) (Panama).

As soon as works are resumed, ACP will pay GUPC $36.8 million for December invoices to ensure that GUPC cancels pending payments and obligations to suppliers.

Additionally, the parties agree to discuss in the next 72 hours other points such as the dates for the delivery of the gates, an implementation schedule for the remainder of the works, a timetable of repayment moratorium and other key aspects for the project’s development.

The decision was made yesterday during telephone conversations between the ACP and the CEOs of the companies in the consortium, but there are still some issues on which an agreement has not been reached.

Press Release, February 20, 2014

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