Morgan & Morgan advised a group of financial entities in relation to the securitization of Senior Secured Notes for an amount of up to US$257 million

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.

Morgan & Morgan actuó como asesor local para: (i) HSBC Investment Corporation (Panamá), SA, como co-fiduciario original, (ii) Global Financial Funds, Corp.,  como co-fiduciario, y (iii) los titulares de los pagarés garantizados con vencimiento en 2017 y tasa de interés de 9.50% por un monto de capital total de US$ 257,643,695.00, emitidos por Newland International Properties, Corp.

Newland International Properties, Corp. emitió pagarés en virtud de un plan de quiebra pre-establecido con el Tribunal Federal de Quiebras del Distrito Sur de Nueva York, que prevé la cancelación de los pagarés garantizados existentes de Newland International Properties, Corp. con vencimiento en 2014 y tasa de interés de 9.50%, a cambio de los pagarés emitidos antes mencionados con vencimiento en 2017. Newland International Properties, Corp., constituyó ciertas garantías relacionadas con el Trump Ocean Club International Hotel & Tower en la Ciudad de Panamá, República de Panamá a favor de CSC Trust Company de Delaware, como fiduciario, y Global Financial Funds, Corp.,  como co-fiduciario.

José Carrizo, Carlos E. González, Inocencio Galindo y Francisco Arias, socios de Morgan & Morgan, y los asociados Kharla Aizpurúa Olmos, Aristides Anguizola y Roberto Vidal, participaron en esta transacción.

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