First signs of a deal in Canal extension dispute

IN WHAT is beginning to look like a shotgun marriage, the opposing sides in the $1.6 bIllion dispute between the Panama Canal Authority (ACP) and Grupo Unidos por el Canal (GUPC) talks will continue through the weekend .
After a week of what could be compared to haggling over the dowry, ACP Administrator Jorge Luis Quijano was optimistic Friday, January 31 that an agreement will be reached with to resolve the crisis. Lawyers for the two sides examined the proposal put forth by insurance company Zúrich, acting as the marriage broker. It calls for $600 million in financing, of which the insurer would provide $400 million and the ACP and GUPC would provide the remainder.
Quijano met with the media shortly after announcing that negotiations had been extended until Tuesday.
He said that he hopes that this was the last extension and that a deal could be reached and construction of the third set of locks continued.
The consortium had sought $1.6 billion in cost overruns. It said that this issue would be ultimately settled through international arbitration, which was demanded by the ACP. Both families are under the gun.