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Latin America Investment News on Viva Tropical

Panama’s Trump Ocean Club in Jeopardy of Default, Again

Article Summary:

Trump Ocean Club continues to negotiate the terms of its restructuring with the Steering Group and is hopeful that it will be able to announce an agreement in the near future in order to avoid default.

Original Article Text From Cision Wire:

Newland International, developer of Trump Ocean Club, provides Disclosures on May 18, 2012

Newland International Properties Corp., developer of the Trump Ocean Club, to provide Additional Disclosure on May 18, 2012 Regarding Recent Developments for Investors of Newland’s 9.50% Senior Secured Notes due 2014.

Panama City, Panama May 15, 2012 – Newland International Properties Corp., developer of the Trump Ocean Club, to provide Additional Disclosure on May 18, 2012 Regarding Recent Developments for Investors of Newland’s 9.50% Senior Secured Notes due 2014.

As part of an effort to provide additional disclosure to investors regarding recent developments, on Friday May 18, 2012, Newland will release an information disclosure package which will include updates on collections, closings, sales, available inventory, construction progress, and other topics of interest to bondholders.

As Newland is in ongoing discussions with the Bondholder Steering Group, no payment will be made on today’s May 15 coupon date. Newland entered into default on the Notes on November 15, 2011, when it completed a full coupon payment but failed to make the scheduled amortization payment due on that same date. The Company continues to negotiate the terms of the restructuring with the Steering Group and is hopeful that it will be able to announce an agreement in the near future.

Link to Original Article:

From Cision Wire

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