January 14 - Spanish construction company Sacyr, leader of the Panama Canal expansion project consortium, is in danger of losing USD574 million in guarantees and advance payments if a dispute regarding cost overruns is not resolved.
Sacyr detailed more than USD1.6 billion in extra costs relating to the expansion project, and an expected completion of June 2015 at the earliest, in a document filed with the Spanish stock market regulator on January 10, 2013.
HLPFI reported on January 9, 2013 that the Panama Canal Authority (PCA) was at loggerheads with the consortium and rejected a proposal that it should contribute USD1 billion to continue work on installing a third set of locks on the waterway.
