PANAMA CITY, Panama, May 15, 2012 (GLOBE NEWSWIRE) -- As part of an effort to provide additional disclosure to investors regarding recent developments, on Friday, May 18, 2012, Newland will release an information disclosure package which will include updates on collections, closings, sales, available inventory, construction progress, and other topics of interest to bondholders.
As Newland is in ongoing discussions with the Bondholder Steering Group, no payment will be made on today's May 15 coupon date. Newland entered into default on the Notes on November 15, 2011, when it completed a full coupon payment but failed to make the scheduled amortization payment due on that same date. The Company continues to negotiate the terms of the restructuring with the Steering Group and is hopeful that it will be able to announce an agreement in the near future.
Copies of the information package will be provided to those investors on Newland's distribution list. Investors not on the list who wish to receive the information should contact Newland to request a copy. Contact information is as follows:
CARLOS SARAVIA, COO
charlies@trumpoceanclub.com
CATALINA RODRIGUEZ, CFO
catalinar@trumpoceanclub.com
Avenida Calle 82 #10-33, Oficina 1001 Phone 57-1-2570266 Ext. 131-143 Bogota, Colombia
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