Alternatives to Finish Construction of Tocumen

The administrators of the Panamanian airport are evaluating three options to continue the construction of the new terminal, if Odebrecht fails to complete it.

Wednesday, February 15, 2017

The first option being considered by Tocumen S.A. is that the administrators themselves take control of the subcontractors who are currently working on the project. The second alternative, is that the company that is managing the project assumes supervision of the contractors, and a third option is to hire a new company to replace Odebrecht.

"... The last option would be to find a new contractor. This, according to Joseph Fidanque III, manager of Tocumen, would involve other legal aspects such as performance bond. 'If the company decides to abandon the project, we would execute the bond, which is about 240 million dollars, but if the government decides to remove them, the situation would be different and it would not be easy to use the bond' said Fidanque. To date, Tocumen has paid 642 million dollars to Odebrecht, leaving 238 million dollars left to pay."

"... In addition to the contingency plan, Tocumen has asked Odebrecht for a monthly report of the payments made to subcontractors, in order to prevent the work being halted due to lack of payments. Also the airport has changed its method of certifying payments to the Brazilian company."

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Albrook Airport Transfer To Be Decided in 2016

October 2015

With a feasibility study which could be ready in early 2016, Tocumen SA will decide whether it would be feasible or not to transfer the Marcos Gelabert Airport to installations at Panama Pacifico.

After talk about the possibility of moving the operations at Marcos Gelabert Airport to the Panamá Pacífico Terminal, Tocumen SA has announced that it has hired the company Sociedad Aeropuertos de París (ADP), to carry out a study and determine whether it would be feasible to make the change.

Panama: Tocumen Airport Will Keep Growing

October 2015

The second terminal under construction will not be enough to meet projected demand by 2020, therefore a third airport expansion is being considered.

The authorities at Tocumen SA have projected that by 2020 the average annual number of passengers who transit through the international airport in Panama City will amount to 20 million and the second terminal, in which they are investing $800 million, will exceed its capacity in 2022.

Tocumen Prepares Bond Issue

May 2015

To obtain the financing needed to complete the expansion of the South Terminal, the administrators of Tocumen International Airport plan to issue debt certificates once again.

The delays that have occurred in the work due to changes in the original project design, have prevented the administration from starting the process of raising funds via the concession of premises in the new 'duty free' area, therefore they have announced that they will need to make a new bond issue to complete the financing. It is estimated that the amount will be more than $650 million, carried out between 2013 and 2014.

Tocumen Needs Another $300 million

April 2015

The administration of the Panama City airport is looking overseas for investors to fund the $300 million needed to complete the construction of the southern terminal.

During the last administration of Tocumen a tender was scheduled for commercial spaces. to fund part of the works in the terminal.