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Trump’s Panama Ocean Club defaults on $220 million of bonds used to finance construction. $31.9 million payment was due

Wednesday, November 16, 2011

Newland International Properties defaulted on $220 million of bonds used to finance construction of Panama’s Trump Ocean Club, said John McCormack of Gapstone Group, which is advising the developer on a debt restructure.

Newland missed the $31.9 million bond interest payment due yesterday.

The Trump Ocean Club is Donald Trump’s first hotel and apartment complex to open outside the United States.

Original source: Bloomberg