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Latin America Investment News on Viva Tropical

Bondholders Reach Agreement to Finish Panama Trump Ocean Club

Article Summary:

Newland International Properties Corporation announced today that it has the support of its bondholders to complete the construction of the Trump Ocean Club in Panama. Holders approved a consent solicitation amending the indenture governing the bonds to allow the release of company funds to finance the remaining construction, including work on unfinished units.

Photo Credit: Capital

Original Article Text From Capital via Google Translate :

Reach Agreement with Bondholders to Finish Building the Panama Trump

The company Newland International Properties Corp. announced today that it has the support of holders of its bonds to complete construction of the Trump Ocean Club.

According to the company statement approved a consent solicitation amending the indenture governing the bonds to allow the release of company funds to finance the remaining construction of the Trump Ocean Club, including work on unfinished units .

They note that the progress of the project is over 95%, and hope to finish what we need on July 31, 2012.

Carlos Saravia, director of operations for Newland, said that “this approval will mitigate the remaining risk of the project, offering guarantees to current and potential buyers of condominium units and hotel brokerage community and providers of mortgage financing, and potential investors in other areas of the building, including the casino and retail spaces.

“All parties can proceed with confidence that the remaining units will be completed unfinished” he said.

He added that approval of additional funding will allow the company to direct your attention to your long-term goal, a comprehensive financial restructuring of the notes, a subject that is working with the steering committee.

Link to Original Article:

From Capital

  • Sarasa

    Good!

  • Renoir

    Anyone invest in TOC and not close yet?

Latin America Investment News on Viva Tropical