NewsWhore
11-26-2008, 02:50 PM
Cap Cana, the southernmost luxury development on the Punta Cana beach strip has announced that the composition of the lenders under its US$100 million Bridge Loan, dated as of November 20, 2007, has changed and that the default for non-payment of principal that occurred on 19 November 2008 has been waived.
The holding company also announced that the final maturity of the Bridge Loan has been extended until 29 December 2008, giving the company more time to define restructuring alternatives. Cap Cana was advised by the Weston Group on this transaction and represented by Simpson Thacher & Bartlett LLP.
Cap Cana was relying on US$250 million in financing from Lehman Brothers that didn't materialize after the bank's recent collapse.
More... (http://www.dr1.com/index.html#11)
The holding company also announced that the final maturity of the Bridge Loan has been extended until 29 December 2008, giving the company more time to define restructuring alternatives. Cap Cana was advised by the Weston Group on this transaction and represented by Simpson Thacher & Bartlett LLP.
Cap Cana was relying on US$250 million in financing from Lehman Brothers that didn't materialize after the bank's recent collapse.
More... (http://www.dr1.com/index.html#11)