"As part of an effort to provide additional information to investors about recent events, on Friday May 18, 2012, Newland will release a package that includes updated information on the collections, closings, sales, inventory available, progress of construction, and other topics of interest to the bondholders", the company said on Tuesday in a news release.
In November 2011, Newland also failed to make an initial capital payment of $31.4 million. The main shareholder and chairman Roger Khafif had reached an agreement with bondholders last month.
Investors are threatening a lawsuit against Newland Properties, the owner company, for an alleged breach of bond principal payments in November.
The owners of Hotel Trump Ocean could face legal action from Gary Lundgren, owner of 15% of the bonds that were used as financing for the construction of the building, for an alleged breach by failing to pay the agreed capital in November 2011.
Holders of bonds issued by Newland International Properties Corp. are willing to become partners in the project because the developer does not have the necessary capital for the next repayment.
On November 15, Newland International Properties Corp., developer of Trump Ocean Club International Hotel & Tower, is due to pay $31 million in amortization of capital to holders of bonds issued to finance the Trump Ocean Club.
A real estate company has filed a lawsuit against the developer for breach of contract.
The delicate situation faced by Newland International Properties Corp., developer of the Trump Ocean Club International Hotel & Tower complex, has been further complicated by a lawsuit filed by a customer, which adds to three other lawsuits filed by other five clients.
A proposal has been presented to the bondholders to extend the term of the debt.
$220 million in bonds issued in 2007 to build a luxury apartment building called Trump Ocean Club, owned by tycoon Donald Trump, will be restructured before the next payment of debt, which is due on November 15.
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