The new Panama Canal is a risky bet
On July 8, 2009, the champagne finally flowed. After an intense two-year competition, a consortium led by a Spanish company in severe financial distress learned that its rock-bottom bid of $3.1 billion had won the worldwide competition to build a new set of locks for the historic Panama Canal.
But the $3.1 billion bet soon collided with reality.
Source: New York Times