THE TRUMP Ocean Club, in Panama is in bankruptcy after years of battles between purchasers of apartments and the developers.
There have been reports of poor finishing to the building, known among detractors as the bent thumb and claims by tenants that they has been sold an image of a stand-alone building that is in fact hemmed in by the concrete jungle that PuntaPacificarepresents to many observers.
Newland International Properties, developers of the Trump Ocean Club has asked the holders of its bonds to authorize the filing of Chapter 11 of the U.S. Bankruptcy Code The company had initiated an application for votes so that it could submit a restructuring plan for the company's Senior Secured Notes for $220 million, with the Bankruptcy Court of the United States. Carlos A. Saravia, the developer's CEO, said that the sale of units in the project was affected by the impact of the financial crisis on potential customers and in the second homes market.
As reported by Bloomberg, creditors had until April 30 to accept or reject the restructuring plan. The company has received support from 62% of the holders, but apparently this is not enough to avoid bankruptcy says Worldpropertychannel.com. The bent thumb has become a sore thumb.