UPDATE 1-Mexico's ICA dumped from $300 mln port project -sources
(Updates with comment from APM Terminals)
By Alexandra Alper and Dave Graham
MEXICO CITY Jan 21 (Reuters) - Port operator APM Terminals, part of Denmark's A.P. Moller-Maersk, has dropped ICA from a $300 million port project after the Mexican construction firm ran out of cash and could not continue work, two people familiar with the matter said.
ICA, which has announced defaults on two debt payments already, was dismissed at the end of December from the project to build a new container terminal in the major Mexican Pacific port of Lazaro Cardenas, the people said.
As early as 2013, ICA's liquidity problems caused delays, forcing APM Terminals to negotiate an extension to the project deadline with the government, one of the people said. The project is nearly two-thirds complete, the person added.
APM Terminals confirmed that ICA had been let go.
"The construction works in progress will be completed by other contractors," the company said in a statement, adding that the change would not derail the planned completion schedule.
Strikes broke out after ICA's work ground to a halt. It has since restarted and the terminal should begin operating from July, one of the people said. Civil construction work will be completely finished by the end of this year, the person added.
A representative for ICA did not immediately reply to requests for comment. Continuación...