Trump Ocean Club, located in the Punta Pacifica area of Panama City, has been sold for $23.7 million to a new owner, whose name has not been disclosed.
The Notice of a Relevant Fact issued by the Panamanian National Stock Exchange (Panabolsa) indicates that Newland International Properties Corp, the developer of the hotel complex, signed a sale contract consisting of the transfer of 202 hotel units and 12 units of hotel amenities, for a price of $23.7 million.
For having wrongfully terminated the management company of the building, Donald Trump is claiming $75 million from the condominium owners in Panama.
CBS News reported that the suit was filed by Donald Trump confidentially with the International Chamber of Commerce, based in Paris. The argument behind the claim is that the owners of the condominium Trump Ocean Tower prepared a "...
The investment in Sun International Casino will reach $105 million for the complete development of the areas in the Trump Ocean Club areas involved in the agreement.
Capital.com.pa reports that "the 75,000 square foot casino, will occupy the second level of the hotel. It will include 32 tables of blackjack, poker, roulette and baccarat, as well as a collection of 600 machines.
Newland International Properties has asked the holders of its bonds to authorize the filing of Chapter 11 of the U.S. Bankruptcy Code
The company has initiated an application for votes so that it can submit a restructuring plan for the company's Senior Secured Notes for $220 million, with the Bankruptcy Court of the United States.
Carlos A. Saravia, the developer's CEO, said that the sale of units in the project was affected by the impact of the financial crisis on potential customers and in the second homes market.
The developer Newland International Properties has agreed with its creditors to a major restructuring of the principal debt in bonds for $200 million.
Newland International Properties, Corp., developer of the Trump Ocean Club International Hotel and Tower Panamá, said the agreement was developed based on information received by the majority of creditors and establishes each of the terms of the financial restructuring of the two entities.
South Africa's Sun International has reached an agreement with Newland International Properties for the acquisition of the casino component of the hotel development in Panama.
Under the terms of the agreement, Sun International will get the casino component of the project, the Penthouse (to use as a private salon), a group of building apartments and the rights that the building has to apply for a casino license, all for a value of $45.5 million.
Developer Newland International Properties announced that on May 18 it will have updates on topics of interest to bondholders.
Newland International Properties Corp., developer of Trump Ocean Club, should have made the second payment of capital on the issuance of $220 million in bonds on 15 May but did not do so.
"As part of an effort to provide additional information to investors about recent events, on Friday May 18, 2012, Newland will release a package that includes updated information on the collections, closings, sales, inventory available, progress of construction, and other topics of interest to the bondholders", the company said on Tuesday in a news release.
Newland International Properties has announced that it has approved an agreement that enables the release of company funds in order to finance the works still to be completed.
The company Newland International Properties Corp. announced on Tuesday that it has reached an agreement with the holders of its bonds, which will allow the building the Trump Ocean Club hotel to be finished, reported Capital.com.pa.
Investors are threatening a lawsuit against Newland Properties, the owner company, for an alleged breach of bond principal payments in November.
The owners of Hotel Trump Ocean could face legal action from Gary Lundgren, owner of 15% of the bonds that were used as financing for the construction of the building, for an alleged breach by failing to pay the agreed capital in November 2011.
A real estate company has filed a lawsuit against the developer for breach of contract.
The delicate situation faced by Newland International Properties Corp., developer of the Trump Ocean Club International Hotel & Tower complex, has been further complicated by a lawsuit filed by a customer, which adds to three other lawsuits filed by other five clients.
Holders of bonds issued by Newland International Properties Corp. are willing to become partners in the project because the developer does not have the necessary capital for the next repayment.
On November 15, Newland International Properties Corp., developer of Trump Ocean Club International Hotel & Tower, is due to pay $31 million in amortization of capital to holders of bonds issued to finance the Trump Ocean Club.
A proposal has been presented to the bondholders to extend the term of the debt.
$220 million in bonds issued in 2007 to build a luxury apartment building called Trump Ocean Club, owned by tycoon Donald Trump, will be restructured before the next payment of debt, which is due on November 15.
This is the date when Newland International Properties Corp.
The structure of 284 meters, the highest in Latin America, was inaugurated on Wednesday in the presence of Donald Trump and President Ricardo Martinelli.
The Trump Ocean Club building required an investment of $430 million, and has a hotel, residential apartments, a 4,200 square meter convention center of, a spa, marina and a private beach island.
The development is the Trump Group's first project outside of the United States, and employs around 1,000 people.
The Trump Corporation announced its interest in developing a project “even if it's small”, in the old quarters of Panama City (“Casco Antiguo” in Spanish).
The corporation owns the $430 million Trump Ocean Club, its first development in Latin America, and wants it to become a symbol for Panama and Central America.
A Trump spokesperson was quoted as saying that the “Casco Antiguo” “has potential for investment, its Panama’s ‘little grain of gold’”.
Fitch Downgrades Newland Int'l Prop, Corp.'S S220mm SR Secured Notes; Remains On Negative Watch
Fitch Ratings-Chicago-18 February 2011: Fitch Ratings has downgraded Newland International Properties, Corp.'s $220 million senior secured notes to 'Bsf' from 'B+sf'. The transaction remains on Rating Watch Negative due to continuing concerns over further delivery delays as well as to monitor buyers' willingness and ability to close on units upon delivery. Newland International Properties, Corp. (Newland) is developing Ihe Trump Ocean Club International Hotel & Tower (TOC). a multi-use lower located on the Punta Pacifica Peninsula in Panama City, Panama.