Panama Canal consortium ordered to repay $847M in advances
An international arbitration panel has ruled the Spanish-led consortium that built the expansion of the Panama Canal must repay $847 million in advances it received during the construction project.
A panel under the International Chamber of Commerce says the consortium must repay $547 million it got in 2009 when the project started and $299 million it got in 2014 when contractors were floundering.
Spanish consortium leader Sacyr says it has signed a 225 million-euro credit line that will allow it to make its share of the repayments.
The $5.25 billion canal expansion opened in 2016. It is able to accommodate ships with twice the cargo capability of vessels that previously traversed the canal.
The consortium also included Italy's Salini-Impregilo, Belgium's Jan De Nul Group and Panama's Constructora Urbana SA.