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