Trump Panama Hotel Bondholders May Back $220 Million Swap
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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.