Panamanian Trump Hotel Developer's Ch. 11 Plan Gets Nod

Law360, New York (May 30, 2013, 6:59 PM EDT) -- The developer of a Trump-brand hotel and casino in Panama on Thursday received a New York bankruptcy judge's approval of its prepackaged Chapter 11 reorganization plan after convincing the judge that its post-bankruptcy revenue projections are reliable.

Under the plan, Newland International Properties Corp., the real estate developer behind the $295 million Trump Ocean Club International Hotel & Tower in Panama City, will pay back $220 million in debt by issuing new notes to secured creditors.

Following a hearing Tuesday in which U.S. Bankruptcy Judge Martin...
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