Panama Canal Says Sacyr-Led Group Will Restart Expansion
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A group led by Sacyr SA plans to restart work on the Panama Canal expansion project today after it paralyzed construction for almost two weeks in a dispute over $1.6 billion in cost overruns. Sacyr’s shares rose 4.2 percent.
The waterway’s authority said it agreed to pay the builders, including Milan-based Salini Impregilo SpA, $36.8 million in back pay once work begins on the third set of locks originally budgeted at $3.1 billion. Talks will continue for 72 hours to determine delivery dates for the new gates, a construction schedule and other aspects of the $5.25 billion project, the Panama Canal Authority said.