Visiting Panama, Sacyr Chairman Manuel Manrique
played down an acrimonious spat over cost overruns, in which the
consortium demanded more money from the canal administrator to
He told Reuters the consortium, which includes Italian builder
Salini Impregilo <SALI.MI>, would process its claim for $1.6
billion in cost overruns via arbitration. The canal authority
and consortium have both floated financing proposals, but it was
not immediately clear how they would ensure cash-flow in the
short term to keep the project going.
Earlier this month, the consortium threatened to halt work on
January 20 unless the Panama Canal Authority footed the bill.
(Reporting by Lomi Kriel; writing by
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