R.G. Hotels in Panama: A Failed Investment

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. "

See: Investors Affected by Large Scale Bankruptcy
See: Owners In Distress Over Hotel Bankruptcy

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