Clock ticking as Tocumen seeks funds for new terminal

FINANCIAL MATTERS as well as planes are  up in the air at Tocumen International Airport as the administration seeks  to secure funds to finance the construction of a new terminal, T2 , being built by scandal ridden Brazilian construction company Norberto Odebrecht.

Tocumen officials plan to make a bond issue of $625 million in February reports La Prensa, but still need some signatures before year end.

However, to issue more debt, Tocumen needs the approval of 51 percent of the purchasers of bonds issued by the airport authority between 2013 and 2014 totaling $650 million.

According to the administration, it already has verbal agreements with 51 percent of the bondholders, but is still awaiting  written authorization and time is running out

Tocumen has a $25 million bank loan that will allow it to make payments on the project until year end , said airport manager Joseph Fidanque III.

In 2011, Tocumen was excluded from the non-financial public sector, so its debt is not consolidated with the rest of the state.