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Newland International Properties, builder of Panama’s Trump Ocean Club, seeks to restructure $220 million in bonds

Thursday, October 20, 2011

Newland International Properties is seeking to restructure $220 million of bonds used to finance construction of Panama’s Trump Ocean Club, Donald Trump’s first hotel and apartment complex to open outside the United States.

The company plans to present a proposal within two weeks and hopes to have an agreement before a bond payment of $41.9 million comes due on Nov. 15.

Single-room units at the Trump Ocean Club marketed for $350,000 are now going for about $180,000.

Original source: Bloomberg