Panama: More "Missed Deadlines" in Stock Market

A missed deadline has been missed on an issue of $4 million that was part of the restructuring of bond issues and securities made by the financial company La Generosa.

Monday, January 11, 2016

The restructuring of the financial company managed by businessman Jose Luis Ford failed to materialize and now the holders of bonds and securities issued by financial La Generosa will have to wait for the settlement of guarantees administered in a trust before they can recoup their investment.

The issuance of $4 million declared in arrears comes on top of "... another two, for $4 million and $8 million, which have been in the same condition since 2014 and 2015, respectively." reports that "... In this case, the stock market is going through a difficult phase. Breaches by La Generosa are added to the recent financial debacle of RG Hotels, which is in the middle of a process of bankruptcy and which involves investors who bought securities for $30 million. La Generosa and RG Hotels both have as a trustee ABS Trust. "

See the press release sent to the National Stock Exchange by the administrator of the trust, ABS Trust. adds that "...La Generosa told investors that its goal is still to repay investments. "

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More on this topic

Financial Company in Panama Declared Bankrupt

August 2016

After a failed attempt at restructuring, the process that began in September 2014 with the cessation of payments by the financial company La Generosa today ended with a judicial declaration of financial bankruptcy. explains that "...The measure involves the seizure of all assets belonging to the company, the appointment of a executor and José Luis Ford being banned from leaving his home where the bankruptcy was finalised, which is effectively an impediment to him leaving the country. "

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RG Hotels and A Trust In Conflict

December 2015

The effects of the bankruptcy of RG Hotels go beyond the losses faced by investors, with defects in the most dynamic stock market in Central America being identified.

The extent of the Superintendency of Securities responsibility for the negative effects of the bankruptcy of RG Hotels is one of the issues being raised by the lawyers defending foreigners who invested in the bankrupt company.

Panama: Securities Issuer Suspended

September 2014

For "breaching the obligations of the issuer" the Stock Exchange has suspended indefinitely trading bonds and VNC's by the financial company La Generosa.

From a statement issued by the Panama Stock Exchange:

"... We wish to inform the public that, in addition to the suspension of trading of corporate bonds by Finanzas y Créditos del Hogar, S.A., for $ 4 million, effective yesterday, the stock market in Panama has decided to suspend from today and indefinitely, negotiation of corporate bonds and commercial negotiation values ​​(VCN's) by the issuer listed on the Exchange.