Clock running for Odebrecht in Colombia

“THE CLOCK is running in Colombia “for the Brazilian company Norberto Odebrecht which has until May 11 to  ensure the financing of a $600 million project.While in Panama the company sits with projects totaling  nearly $3 billion.

Recently, Colombian Vice President Germán Vargas Lleras demanded the construction company ensure the financing of a $600 million project along the Magdalena River to improve navigability.

The Colombian vice president said the company has a May 11 deadline “to remedy that situation, so the clock is running.”

Eleuberto Martorelli, the president of Odebrecht in Colombia, said that the company will comply with the request by the government and, if necessary, will seek an outside investor.

The municipality of Panama awarded last week the project to construct sidewalks in downtown areas of Panama City to Odebrecht, which presented a controversial  to offer of $89.8 million for the work. In addition, it is in charge of the construction of line 2 of the Panama Metro for and a Colon redevelopment costing  $2.9 billion.

Odebrecht Panama said it is reviewing its financial situation.