Trump Ocean Club files for Chapter 11

21 Apr
2013 Posted in: Bananamismo, Tourism
By Okke Ornstein 3 Comments

Trump Ocean Club files for Chapter 11
Don’t say we didn’t warn you. Newland Properties, the developer of the embattled Trump Ocean Club in Panama – the most intensely hyped real estate project in the history of the country – is filing for Chapter 11 – and that is just one step from bankruptcy.

In a press release, Duncan McGowen of Punta Pacifica Realty explains that the move is related to restructuring of debt. Trump Ocean Club has for years now had trouble making bond payments.

The statement that the trouble at Trump Ocean Club only affects bond holders sounds like optimistic spin to us. If the project goes bankrupt, debt holders may very well seek compensation in ways that affect those who have bought into the scheme.

The project has suffered from its inception from bad (ripped off) design, bad marketing, financial woes and floodings.

This story will be further updated as more information becomes available.

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