Morgan & Morgan Advised a Group of Financial Entities in Relation to the Securitization of Senior Secured Notes for an Amount of up to USD 257.6 Million
July, 2013 - Panama, Panama
Morgan & Morgan acted as local counsel to (i) HSBC Investment Corporation (Panama), S.A., as original co-trustee; (ii) Global Financial Funds, Corp., as co-trustee; and (iii) the holders of the 9.50% Senior Secured Notes due 2017 in an aggregate principal amount of US$257,643,695.00, issued by Newland International Properties, Corp.
Newland International Properties, Corp. issued notes pursuant to a pre-packaged Chapter 11 bankruptcy plan with the Unites States Bankruptcy Court, Southern District of New York that provided for the cancellation of the existing 9.50% Senior Secured Notes due 2014 issued by Newland International Properties, Corp., in exchange for the aforementioned 2017 notes. Newland International Properties, Corp. granted CSC Trust Company of Delaware, as trustee, and Global Financial Funds, Corp., as co-trustee, certain collateral related to the Trump Ocean Club International Hotel & Tower in Panama City, Panama.
Morgan & Morgan partners Jose Carrizo, Carlos E. Gonzalez, Inocencio Galindo and Francisco Arias, and associates Kharla Aizpurúa Olmos, Aristides Anguizola and Roberto Vidal, participated in this transaction.
