February 28, 2014 / 2:45 AM / 4 years ago

Panama Canal, consortium reach deal to complete work-source

PANAMA CITY, Feb 27 (Reuters) - The Panama Canal and a Spanish-led consortium expanding the waterway have reached a deal to complete work on the project, which has been stymied by a bitter stand-off over cost overruns, a source familiar with the negotiations said on Thursday.

The deal foresees the consortium, which is led by Spanish builder Sacyr alongside Italy’s Salini Impregilo , finishing work by December 2015.

Both the Panama Canal Authority and the consortium would each inject $100 million for immediate cash flow needs to fully resume work, the source told Reuters.

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