Developer of Trump Tower files for Chapter 11

The developer of the Trump Ocean Club International Hotel & Tower in Panama this week filed for Chapter 11 bankruptcy protection with a plan in hand to restructure.

Newland International Properties, a Panama company, licenses the Trump name but isn't an affiliate of Trump Entertainment Resorts or Trump Organization.

According to papers filed with the US Bankruptcy Court in Manhattan, Newland has secured the support of 62 percent of its secured noteholders for a restructuring plan that would repay their $220 million in claims with new notes.

Source: Wall Street Journal