Spanish construction firm Sacyr’s dispute over work on the expansion of the Panama Canal will not have a significant impact on the company’s earnings and is not putting its solvency at risk, its chairman said on Monday.
“This process, although it is economically relevant, will not be decisive for the balance sheet of the company, our solvency will not be put at risk,” said Manuel Manrique at a news conference.
Sacyr which heads a consortium due to build a third set of locks at the Panama Canal, had said on Saturday it risked losing $574 million in guarantees and advance payments if a dispute over cost overruns at the multi-billion dollar project is not resolved. (Reporting by Jose Elias Rodriguez; Writing by Julien Toyer; Editing by Greg Mahlich)
February 19, 2015
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