TOClub in Default, Talks Forbearance

TOClub in Default, Talks Forbearance

Dominican Republic Bonds Corporate & Sovereign Strategy

Newland International Properties, the owner of troubled Trump Ocean Club Hotel & Tower (TOClub), on Tuesday missed its first $31.4m capital payment due on $220m in 9.5% 2014 bonds and is now asking debtholders to sign a forbearance to stop all debt outstanding from becoming due immediately. “The company will miss the principal payment today,” John McCormack, managing partner for the Gapstone Group, an advisor to Newland, tells LatinFinance. Newland and Gapstone are asking bondholders to sign a f

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