Oh poor Panama, we still love you: TOCUMEN, SA, the “Hub of Latin America” has insufficient funds for to pay the $769 million tab for the construction of the South Terminal, in the hands of the Brazilian company Norberto Odebrecht. Audits run by the new administration to discover the state of finances of the airport showed that there was an increase in spending, combined with poor planning for the sale of duty free commercial spaces that will be installed on the new building reports La Prensa. The duty free areas of the South Terminal, which would produce revenues of more than $ 500 million, still cannot be sold because the new building will not be ready until 2017, he said. It was badly budgeted by Tocumen, SA thinking it would have that money in the short term, he said. The financing gap shows that nine months after Tocumen, SA placed a bond issue for $650 million,, funds that would be used to finance the expansion of the airport.just $200 million was raised on the stock market leaving $569 million outstanding to pay for the work.
Posted on: Tue, 26 Aug 2014 11:52:25 +0000
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