Coco Beach bondholders oppose liquidation plan but few vote

New York, Aug. 1 – Coco Beach Golf and Country Club, SE bondholders voted against the company’s plan of liquidation, according to voting results filed Monday with the U.S. Bankruptcy Court for the District of Puerto Rico.

However the turnout was low.

Of the $22.35 million of bonds outstanding, only $3.81 million were voted.

Of those voting, $2.62 million, or 68.86% rejected the plan, $1.04 million, or 27.20% voted in favor, and $0.15 million, or 3.94% abstained.

The bonds were issued by the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority and are in three series: the tourism revenue bonds, 2000 series A (Coco Beach Golf and Country Club Project) and the tourism revenue bonds, 2004 series A (Coco Beach Golf and Country Club Project), which were refunded by the issuer’s tourism revenue refunding bonds, 2011 series A (Trump International Golf Club Puerto Rico Project).

Coco Beach’s disclosure statement was approved by the court on June 17, 2016.

The confirmation hearing began on May 23, 2017, and the parties involved were given time to state their positions.

After several extensions, July 31 was set as the deadline for bondholder voting.

Coco Beach Golf, a San Juan-based golf club, filed bankruptcy on July 13, 2015. The Chapter 11 case number is 15-05312.

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