The retroactivity to July 2012 of the bankruptcy decreed in October 2015 has opened up a complicated process that does not just affect those who invested directly in the project.
Thursday, December 3, 2015
Security holders of the two issues by the company, who bought apartments as investments, owners of the residential complex who do not share ownership of common grounds such as the pool, and buyers of hundreds of vacation packages that can not be used, are aggrieved by the failure of a tourism and residential project of huge proportions in the Panamanian Pacific.
An article on Elsalvador.com reports that "... Antonio Bonilla, the visible face of the foreign investors behind RG Hotels, and his lawyers said yesterday that the company they bought was a "house of cards" with false information in its financial statements and overvalued properties. This, according to the owners of the hotel group who have voluntarily filed for bankruptcy, will also affect the properties that are part of a trust. "
"... A complex process of bankruptcy on the part of RG Hotels and Casa de Campo Farallon places in opposite corners the founders of the company and its current owners, who blame each other for this debacle in organization, fraud and scamming. Investors who bought bonds and negotiable commercial titles have entered into a minefield, and are upset about the fact that they do not know how much they will receive for each dollar of the $30 million invested. The current owners of RG Hotels and Casa de Campo Farallon, whose only visible face is Antonio Bonilla, said yesterday that after analyzing all the financial information of the hotel companies after its purchase it can be concluded that the assets of $125 million registered on the books have a value of at least $35 million, while debts total about $70 million. "
Analysis of the current state of the Panamanian capital market, including the confidence threatened by various financial setbacks, and the opportunities to make the much needed structural changes.
Martesfinanciero.com reviews three episodes which have shocked the Panamanian financial market in recent weeks: "These events have shaken the financial system and put market players on alert.
The recent bankruptcy of RG Hotels and its impact on the market have once again put on the table the need for a legal framework to allow for orderly restructuring or settlement of failed companies.
A bill providing an adequate legal framework for companies facing financial difficulties that would allow them to be reorganized without having any adverse effects on third parties is one of the proposals that the Banking Association of Panama has been trying to bring to fruition for years, without success. The effects still being felt by companies and investors from the bankruptcy of RG Hotels reflects the need to promote legislation, which "... would be supported by the banking regulator, Ricardo Fernandez, Superintendent of Banks of Panama, who also confirmed an interest in the subject to ANPanamá. "
The end of the movie is uncertain for buyers of apartments, financial institutions, suppliers and investors, who are the creditors of more than $65 million in the tourist and residential resort in Panama.
Although the Panamanian real estate market had already been noticed for the relative ease with which developers fail to fulfill their promises, the RG Hotels case demonstrates the urgent need to strengthen due diligence prior to any investment in this sector.
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.
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