Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Trump Panama Hotel Bondholders May Back $220 Million Swap

Trump Panama Hotel Bondholders May Back $220 Million Swap
A view of the Trump Ocean Club tower located on the Pacific coast of Panama City. Source: AFP via Getty Images

Creditors of the Trump Ocean Club in Panama are probably going to accept a restructuring deal for $220 million of bonds, said Ajata Mediratta, a partner at Greylock Capital Management.

Newland International Properties Corp, the Ocean Club developer, announced a proposal today with the negotiating committee after missing a $31.9 million amortization payment in November 2011, said Mediratta, who leads a committee representing more than 75 percent of defaulted bondholders. The Trump Ocean Club is developer Donald Trump’s first hotel and apartment complex to open outside the U.S.

“This is something that’s been heavily negotiated with the company,” Mediratta said in a telephone interview from New York today. “The exchange committee intends to accept it and I expect the majority of bondholders will as well.”

The agreement “may include the use of a pre-negotiated and pre-packaged Chapter 11 process under New York law” to expedite the restructuring, according to an e-mailed statement from Newland today.

Newland will offer a proposal to all bondholders over the next few weeks, John McCormack of Gapstone Group LLC, which is advising the developer, said today in a phone interview. He declined to disclose terms of the restructuring.

The price of the defaulted 2014 bonds rose 5.3 cents to 64.5 cents on the dollar yesterday, the last day for which pricing is available, according to data compiled by Bloomberg.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.