|Bloomberg.com / 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.
Dominican Watchdog have been contacted about a very high profile law suit against Cap Cana from Spain. The story will be posted on November 21st and could change the history of Cap Cana as we it known today!!
We have promised our souce not to run the article before after the Spanish election as the head lawyer in this lawsuit is up for election and have asked us not to disturb his election campaign! However we have sent questions to Ricardo Harzoury in regards to this over 2 weeks ago and still not received any comments from him. This lawsuit could be very important for investors and the future of Cap Cana.
Find everything you need to know about Cap Cana and its financial situation here