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Panamas Caja fails to auction seized buildings

Monday, October 3, 2016

Panama’s Caja de Ahorros has again failed to auction the social areas of the buildings Ibiza Crown and Coronado, which it seized for non-payment of a $5 million loan.

The bank tried to auction the social areas, which it accepted as collateral for the loan from the now-bankrupt developer, but it failed to attract any bids. It was the second attempt to recoup the loan, which it made to the developer, R.G. Hotels.

Source: La Prensa