Posted on 2019-03-15
The effective recovery of the overdue advances for the sum of 847 million dollars and the corresponding interests, began last November when, after the issuance of the arbitration award where the bail that guaranteed the payment of the Advance of Locks was executed, they were $ 12 million of the Advances of Gates and $ 2.2 million of interest and legal costs.
Later, when the award of December 12, 2018, was issued in the arbitration of the Advances, also in favor of the Panama Canal, the Canal successfully executed the three letters of credit issued by two local banks, for the sum of 547.9 million of dollars corresponding to the Initial Advances and a letter of credit for 13.1 million dollars of a bank of England that guaranteed the payment of the interest of said Initial Advances.
Finally, with the judgment of February 18, 2019 issued by the English courts, the Panama Canal obtained on February 22, 2019 a first payment of the Additional Advances that were guaranteed by English corporate guarantees, their interests and legal costs, for 124 million dollars; and on Friday, March 8, he received the second and last payment for more than 186 million dollars, which canceled the remaining balances of the Advances, interest and legal costs.
In this way, the Panama Canal has completed the full payment of the Overdue Advances owed by the Contractor and its shareholders, as established in the Contract, plus interest and legal costs ordered by the arbitrators and the English courts.
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