NewsWhore
12-09-2008, 03:40 PM
In an announcement released today, Cap Cana, the luxury development in Punta Cana and site of the first Jack Nicklaus golf course in the DR, says that it has reached a definitive settlement with all the lenders under the company's US$100 million Bridge Loan that was originally scheduled to mature on 19 November 2008.
The agreement calls for full payment and satisfaction of US$50 million of the Bridge Loan originally provided by Morgan Stanley in December 2008, and of the remaining US$50 million originally provided by Deutsche Bank in January 2009. It was also agreed that the lenders will retain certain real estate in Cap Cana as payment in kind, and will release certain other real estate properties previously mortgaged in favor of the lenders under the Bridge Loan. A full release under the Bridge Loan was provided to Cap Cana.
"This agreement is very significant for Cap Cana, as it eliminates the need for refinancing, de-leverages the company, and places it in a much better position for the future" stated Cap Cana president Dr. Ricardo Hazoury.
More... (http://www.dr1.com/index.html#7)
The agreement calls for full payment and satisfaction of US$50 million of the Bridge Loan originally provided by Morgan Stanley in December 2008, and of the remaining US$50 million originally provided by Deutsche Bank in January 2009. It was also agreed that the lenders will retain certain real estate in Cap Cana as payment in kind, and will release certain other real estate properties previously mortgaged in favor of the lenders under the Bridge Loan. A full release under the Bridge Loan was provided to Cap Cana.
"This agreement is very significant for Cap Cana, as it eliminates the need for refinancing, de-leverages the company, and places it in a much better position for the future" stated Cap Cana president Dr. Ricardo Hazoury.
More... (http://www.dr1.com/index.html#7)