Newland Creditors in Informal Discussions

Newland Creditors in Informal Discussions

Panama Bonds Corporate & Sovereign Strategy

A majority of creditors holding US$220m in 9.5% 2014s issued by Newland International Properties are in informal discussions as they await a response from the company regarding a $31.4m payment due in November. The borrower will need more time but bondholders are likely to show some flexibility on payments rather than force an acceleration that would trigger a default, say an institutional investor. Newland has hired Gapstone as a financial advisor and is working on a proposal to put to creditor

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