Cap Cana Plays Hardball as Bridge Matures

Cap Cana Plays Hardball as Bridge Matures

Corporate & Sovereign Strategy

Dominican luxury resort Cap Cana, the once celebrated darling of LatAm structured finance, will this morning decide if it will default on a $100m bridge loan it raised with Deutsche Bank and Morgan Stanley a year ago. A default on the facility, which matures today, would trigger cross-default clauses on $250m worth of 2013 9.625% notes. Talks between the company and its bridge creditors, which include a group of five hedge funds and one mutual fund, were going on as LatinFinance went to press. P

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