Resort in Costa Rica Fails to Pay Investors

The Altara El Tucano project has stopped paying its investors and is to execute the Guarantee Trust.

Thursday, January 16, 2014

After the deadline of 30 working days provided to the settlor Altara The Tucano to provide the resources to pay obligations owed to the trust, the administrator, Scotiabank announced the execution of the guaranty for non payment.

"The trust was created to issue bonds to finance the purchase of the Hotel El Tucano, located in San Carlos , Alajuela. These bonds were purchased by sophisticated investors who were to receive the principal and interest from the tourism operation and sale of 2,000 memberships to a private club that would be developed in parallel to the resort.

On November 29, 2013 Altara El Tucano stopped making payments owed to investors, this included resources for payment of principal and interest for the certificates issued.

The bond issue was for $7 million in three series, these funds were intended to purchase 100 % of the common shares of Villas Playa Dorada, owner company of the Hotel El Tucano."

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In Costa Rica the investors of Altara El Tucano Trust rejected a proposal for refinancing, leading to the subsequent execution of the guarantee and possible sale.

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Trust for Welfare Services

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