Trump International revenue refunding bonds in default for non-payment

By Caroline Salls

Pittsburgh, July 21 – The borrower for the Trump International Puerto Rico Project’s Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 2011 series A tourism revenue refunding bonds is in default on the bonds, according to a notice from bond trustee Banco Popular.

Specifically, the trustee said the Puerto Rico Tourism Development Fund failed to honor a draft for the payment of interest on the bonds under its letter of credit, which was due July 19, and failed to make the interest payment on the bonds that was due on July 20.

Coco Beach Golf & Country Club, SA a San Juan-based golf club, filed for bankruptcy on July 13, 2015 in the U.S. Bankruptcy Court for the District of Puerto Rico. The Chapter 11 case number is 15-05312.

The company’s real property consists of the Trump International Golf Club at Coco Beach at Zarzal Ward, Rio Grande, Puerto Rico. The club operates as the Trump International Gulf Club Puerto Rico.

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