11202017Headline:
5 Green Reasons Costa Rica Is the Poster Child of the Environment 4 years ago
Have You Tried Guanacaste’s Fastest Growing Sport? 4 years ago
Was Your Costa Rican Bank Account Closed? 4 years ago
Latin America Investment News on Viva Tropical

Trump’s Panama Ocean Club Misses Bond Payment

Article Summary:

Newland International Properties missed the $31.9 million amortization payment due November 15, 2011. Apparently Sales of Trump Tower did not produce sufficient income to make the first repayment of capital from the bond issue.

Photo Credit: Panama Economy Insight


Original Article Text From Panama Economy Insight:

Newland International Properties Corp., the company is currently developing the project Trump Ocean Club International Hotel & Tower (“Trump Ocean Club”) in Panama City is in talks with bondholders over a possible restructuring. Sales of Trump Tower did not produce sufficient income to make the first repayment of capital from the bond issue. The company conducts negotiations through the Steering Committee, which represents 50% of bondholders and which in turn is in contact with 80% of such holders.

Newland had already announced Oct. 19 that he intended to present a restructuring plan with bondholders in the coming weeks as a result of a possible shortage of funds for the first principal payment of $ 31.4 million planned for 15 November, 2011. As a result of the announcement, Moody’s Ratings Service lnvestor lowered her risk rating to B3 Caa3 Corporate Bond International Newland Properties Corp., approved by Resolution of the National Securities Commission of Panama’s No. CNV -289 to 07 November 7, 2007 in the amount of $ 220 million.

The company only yesterday 15 November proceeded to make the payment of interest on those bonds issued in 2007.
Newland is confident that the product you are holding talks with bondholders reach a restructuring plan that allows you preserve the value of the project.

Link to Original Article:

From Panama Economy Insight via Google Translate

Latin America Investment News on Viva Tropical