GUPC to Restart Panama Canal New Locks Works on February 20

Panama City, Panama, February 19, 201 The new locks contractor Grupo Unidos por el Canal, S.A. (GUPC) accepted Panama Canal Authority s (ACP) repeated re!uest and a"reed toni"ht to restart on Thursday, #e$ruary %& the construction o' the Third Set o' (ocks pro)ect. GUPC is 'ormed $y companies Sacyr *allehermoso, S.A (Spain), +mpre"ilo, S.p.A. (+taly), ,an de -ul Group (.el"ium) and Constructora Ur$ana, S.A. (CUSA) (Panama). As soon as works are resumed, ACP will pay GUPC /01.2 million 'or 3ecem$er in4oices to ensure that GUPC cancels pendin" payments and o$li"ations to suppliers. Additionally, the parties a"ree to discuss in the ne5t 6% hours other points such as the dates 'or the deli4ery o' the "ates, an implementation schedule 'or the remainder o' the works, a timeta$le o' repayment moratorium and other key aspects 'or the pro)ect s de4elopment. The decision was made today durin" telephone con4ersations $etween the ACP and the C78s o' the companies in the consortium, $ut there are still some issues on which an a"reement has not $een reached. !bout t"e Panama Canal !ut"ority #!CP$ The ACP is the autonomous a"ency o' the Go4ernment o' Panama in char"e o' mana"in", operatin" and maintainin" the Panama Canal. The operation o' the ACP is $ased on its or"anic law and the re"ulations appro4ed $y its .oard o' 3irectors. Please re'er to the ACP we$site9 http9::www.pancanal.com: or 'ollow us on Twitter ;thepanamacanal. <<<