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Empresas y finanzas

Panama Canal, consortium reach preliminary deal to complete work


    PANAMA CITY (Reuters) - The Panama Canal and a Spanish-led consortium expanding the waterway have reached a preliminary deal to complete work on the project, which has been stymied by a bitter stand-off over cost overruns, the canal authority said on Thursday.

    The deal foresees the consortium, which is led by Spanish builder Sacyr alongside Italy's Salini Impregilo, finishing work by December 2015.

    Both the Panama Canal Authority and the consortium would each inject $100 million for immediate cash flow needs to fully resume work, a statement from the authority said.

    Twelve lock gates which are currently in Italy, will arrive in Panama by December 2014, according the deal, which is under review and pending signature, the statement said.

    The Panama Canal Authority agreed that the consortium could use a $400 million surety bond through insurer Zurich North America as backing to seek financing.

    Limited work on the project resumed last Thursday after a two week stoppage. The dispute has fanned fears of delays that could cost Panama millions of dollars in lost shipping tolls.

    Hold-ups in the massive project are also a setback for companies worldwide that want to move larger ships through the waterway that links the U.S. Gulf Coast to Asian markets.

    (Reporting by Lomi Kriel; Editing by Dave Graham)