The developer of a Donald Trump-branded hotel and apartment complex in Panama missed a bond payment 18 months after issuing the notes when it emerged from bankruptcy.
Newland International Properties Corp. wasn’t able to make a $23.4 million principal payment due this week on its $200 million of notes due in 2017, according to a statement on the Panama stock exchange’s website. The real-estate developer said it did pay $9.4 million in interest. It reached an agreement with almost two-thirds of bondholders on Nov. 26 under which the nonpayment of principal won’t lead to a violation of an indenture agreement, according to the statement.
