In a bid to stop GUPC from stopping work on the lock gates on the Panama Canal on 20 January over a $1.6bn payment dispute ACP has offered a $100m advance on the contract with bank guarantees and a two months extension on a moratorium for the repayment of $83m by the consortium.
In return ACP wants GUPC guarantee payment of $100m, to use these funds to pay contractors and subcontractors, ship for lock gates to Panama which it says it has already paid 75% of and it says should have arrived in November.
“Furthermore, the consortium must rehire the workers needed and cancel the notification of intent to suspend the works,” ACP said.
However, according to local reports GUPC has made a counter proposal asking for a $400m payment by the ACP with the consortium injecting $100m in return
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