Newland International Properties Corp. is working with bondholders to restructure $220 million of debt used to finance construction of Panama’s Trump Ocean Club, said Ajata Mediratta, a partner at Greylock Capital Management.
Greylock represents 75 percent of bondholders who are seeking to restructure debt ahead of Newland’s $41.9 million bond payment due Nov. 15, Mediratta said on a conference call with reporters today.
The Trump Ocean Club is Donald Trump’s first hotel and apartment complex to open outside the U.S.
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