Trump-Brand Developer Hits Ch. 11 With $220M In Debt

Law360, New York (May 1, 2013, 3:35 PM EDT) -- A real estate company developing a Trump-brand hotel tower in Panama checked into Chapter 11 bankruptcy in New York on Wednesday, with a plan to restructure more than $220 million in debt.

The Panamanian Newland International Properties Corp., which constructed the $295 million Trump Ocean Club International Hotel & Tower, says it missed interest on principal payments on its senior secured notes, adding that the 2008 economic downturn tightened credit markets and sapped its liquidity. 

“The availability of financing for real estate development companies, including the...
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