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Friday, May 24 2019 @ 01:50 PM UTC

Trump Panama - Press Release

Real EstateNewland International Properties Corp, the developer and promoter of the Trump Ocean Club announces support from holders of its 9.50% Senior Secured Notes due 2014 to allow the completion of construction of Trump Ocean Club. On Monday the developer of Trump Panama announced that they have negotiated an agreement on the senior secured notes due 2014 have approved a Consent Solicitation amending the indenture governing the Notes to permit the release of company monies to fund the remaining construction of the Trump Ocean Club, including work on unfinished units.

Construction of the project, which is over 95% complete, should be finalized by July 31, 2012. Carlos Saravia, Chief Operating Officer of Newland, indicated that “this approval mitigates the remaining project risk, providing assurances to current and potential condo and hotel unit buyers, the brokerage community, and critical mortgage finance providers, as well as potential investors in other areas of the building, including the casino and commercial spaces. All parties can move forward with the confidence that the remaining unfinished units will be completed.”

Approval of the additional funding should allow the company to turn its focus to its longer term goal of a broad financial restructuring of the Notes, which it continues to work on in conjunction with the Steering Committee. To see more Panama Real Estate for sale, including Trump Ocean Club for sale and Trump Ocean Club Rentals, follow the links.

All the Best, Kent Davis

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