Grupo Unidos por el Canal, S.A. (GUPC) the contractor for the new locks agreed to restart work on the construction of the Third Set of Locks project on February 20, 2014.
According to a statement issued by the Panama Canal Authority (ACP), as soon as works are resumed, ACP will pay GUPC US$36.8m its December invoices to allow GUPC to cancel pending payments and obligations to suppliers.
Additionally, the parties agreed to discuss other issues including the dates for the delivery of the gates, an implementation schedule for the remainder of the works, a timetable of repayment moratorium and other key aspects for the project’s development.
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