Sacyr will have to return 225 million for advances of the works of the Panama Canal | Economy



The GUPC consortium announced on Wednesday that it respects the arbitration award, which does not affect the rest of the processes underway (a total of five). In these, the consortium claims the State of Panama 3,600 million dollars (3,200 million euros) for the cost of the works. Of the total that the consortium must return, Sacyr is responsible for 41% (225 million), while the rest corresponds to its partners Impregilo, Jan de Nul and the local Constructora Urbana.

GUPC requested in January 2017 an arbitration to unequivocally determine that the repayment of these advances had to occur while the arbitration awards were resolved due to the extra costs. These should dictate which party is responsible for the unforeseen costs that arose during the project. At the discretion of GUPC, that is the spirit of the agreement signed in 2014, although the document would set tentative date to return the June 2018 advances. All parties were then convinced that this was a reasonable time to resolve all pending resolutions.

Delays in the awards

But the reality is that, due to the complexity of the arbitrations, the processes are taking longer than originally planned. Sources of the consortium remember that the third set of locks of the channel has been operational since June 2016 and generates revenues for ACP and the State of Panama.

In order to meet the specific financial obligations that the award has established, Sacyr signed a syndicated loan of 225 million euros for a period of five years, with two deficiency, which will allow the repayment of the part of the advances corresponding to it. . This operation is done independently of the evolution of Sacyr's business. The company plans to amortize the loan granted as the final outcome of the various existing arbitrations takes place, in which it expects a solution favorable to its interests. If you do not win, you will have to face the payments looking for new financing.

The ruling decided on Wednesday also states that the ACP must pay to GUPC maintenance costs not paid to date, worth 36 million dollars plus interest.

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