Canal Expansion: Builders Talk About BankruptcyThe companies in Grupo Unidos por el Canal "would like it if each of the consortium members could make a claim directly with the Canal authority and not through GUPC, in the case it files for bankruptcy."Wednesday, July 30, 2014
The announcement was made by the administrator of the Panama Canal Authority (ACP), Jorge Luis Quijano, which comes at a time when the there is a remergence of the issue of claims for increased costs that led to the stoppage of the works during the past year. Source: Prensa.com ¿Busca soluciones de inteligencia comercial para su empresa?Canal Expansion: 8 Out of 16 Gates now readyJune 2014 The date of completion of the works will still be the end of 2015, with attempts being made to make up for lost work days during the recent general strike of construction. Canal Expansion: Agreement Depends on InsurerFebruary 2014 The possibility of a joint injection of $200 million agreed between the parties now depends on the insurer Zurich to contribute $400 million as a deposit. Canal Expansion: The role of Zurich Insurance FirmFebruary 2014 Apart from any agreements which could be made by the Consortium and the Panama Canal Authority regarding the contract, the last word belongs to the insurer of the project, Zurich. Canal Expansion: Insurer Opposed to ACPJanuary 2014 The Zurich insurance company will not disburse the bond to complete the work if the ACP terminates the contract with the consortium Grupo Unidos por el Canal.
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