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Newland International Properties Corp. exits Chapter 11 Prepackaged Plan of Reorganization

Newland International Properties Corp. exits Chapter 11 Prepackaged Plan of Reorganization

Panama City, Panama, July 8, 2013 – Newland International Properties, Corp. (“Newland”) is pleased to announce that it has successfully consummated its Chapter 11 plan of reorganization (the “Plan”) and the restructuring of its $220 million 9.50% Senior Secured Notes due November 2014 (the “Notes”). Newland filed for chapter 11 on April 30, 2013 and swiftly obtained bankruptcy court approval of the Plan approximately one month later. The Plan became effective on July 3, 2013. Under the Plan, holders of Notes received new Senior Secured Notes due July 2017, while Newland’s shareholders retained 100% of the equity in Newland.

 

“We would like to thank our clients, suppliers, and business partners, whose loyalty and continued cooperation during this process has been instrumental in our success in emerging from the Chapter 11 reorganization process”, said Carlos Saravia, Newland’s Chief Executive Officer. “We would like to thank our financial advisor, Gapstone, as well as our legal counsel, Gibson Dunn & Crutcher and Greenberg Traurig in the United States and Adames Duran Alfaro Lopez in Panama. We would also like to thank the Steering Group of Noteholders and BroadSpan Capital, their financial advisor, for their cooperation and diligence throughout this process.” 

BroadSpan Capital LLC acted as financial advisor to the Steering Group of TOCLUB Bondholders for this restructuring.

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