The developer of the Trump Ocean Club International Hotel & Tower in Panama on Tuesday filed for chapter 11 protection with a plan in hand to restructure, the Wall Street Journal reported yesterday. Newland International Properties Corp., a Panama-based company, licenses the Trump name but is not an affiliate of Trump Entertainment Resorts Inc. or Trump Organization LLC. According to court papers, Newland has secured the support of 62 percent of its secured noteholders for a restructuring plan that would repay their $220 million in claims with new notes. Newland has been in default on the notes since November 2011, when it missed an interest and principal payment.
