Bloomberg News

Cap Cana Defaults on 2016 Bonds, Plans Nov. 18 Investor Call

November 09, 2011

Nov. 9 (Bloomberg) -- Cap Cana SA, a luxury resort and real estate development in the Dominican Republic, said today that it defaulted on bonds due in 2016 after failing to make an Oct. 31 interest payment.

Cap Cana missed an interest payment of about $4.8 million and “based on its currently projected cash flows, it will not be able to resume interest payments on the 2016 notes for the foreseeable future,” the company said in a statement today.

The company said it will hold a conference call with investors to discuss the matter on Nov. 18.

--Editor: Marie-France Han

To contact the reporters on this story: Drew Benson in New York at abenson9@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net;


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus