Americas News
GUPC Confirms Panama Canal Work Stoppage
The Grupo Unidos por el Canal (GUPC) consortium handling the expansion of the Panama Canal has confirmed work on the project has been halted, the BBC reports.
"While awaiting an agreement to enable the finalisation of construction, work has been suspended on the project," the consortium announced in a statement.
Spain's Sacyr Vallehermoso, S.A. (Sacyr), who leads the consortium, had earlier denied reports by The Panama Canal Authority (ACP) that work had been stopped.
The two sides are currently in dispute over who should pay for $1.6bn in cost overruns for the expansion project, although it is understood GUPC will continue work if an outstanding $50m bill is paid.
Details on what the two sides have offered to settle the dispute have so far not been made public.
