J. P. Morgan Bank revoked its $100 million financing proposal for the pending expansion projects at the Juan Santamaría Airport.
The loan had been offered to the new managing agent of Costa Rica´s international airport, Houston Airport System Development Corporation, and they were in the thick of the financing process. The company counted on this finanicng to undertake the termination of the projected expansions. The cause of the cancellation was associated with the delay caused by governmental procedures for the approval of the new airport rates combined with the worsening of the global credit crisis. The airport projects were stalled 13 months ago.
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