Building consortium Grupo Unidos por el Canal (GUPC), led by Spanish construction company Sacyr (SCYR.MC), said it would contribute $100 million to a joint financing plan to keep the project going amid a cost overrun, and asked the canal administrator for a $400 million advance. The Panama Canal Authority earlier proposed a $283 million joint financing package, which was less attractive for the building companies because it requires them to put up fresh cash while the authority would simply advance funds it would have paid anyway. (Reporting by Lomi Kriel)
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Fusion Closes on Approximately $44.0 Million of Financing

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