Contractor Sacyr, which belongs to the GUPC consortium carrying out the work, said that that it is continuing to seek a solution to its dispute with the Panama Canal Authority.
GUPC is seeking US$1.6bn in additional payments in order to finish the project, which is due for completion in 2015.
Without an immediate solution, the project faces years of disputes in national and international tribunals, said Sacyr.
The Grupo Unidos por el Canal (GUPC) consortium is made up of Sacyr (Spain), Salini - Impregilo (Italy), Jan De Nul (Belgium) and Constructora Urbana (Panamá). Sacyr said that the team has finished more than 70% of the project despite the difficulties and financial losses.
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