A Trump-branded gold club in Puerto Rico filed for Chapter 11 bankruptcy protection on Monday, according to published reports.
Developer Empresas Diaz owns the Trump International Gold Club Rio Grande, which includes two 18-hole golf courses. The property, listed as Coco Beach Golf & Country Club, defaulted on its municipal bond debt in 2014 after failing to make a payment, the Wall Street Journal reported. It uses Trump’s name under a licensing agreement.
“Empresas Diaz, the owner and developer of the Trump International Golf Club in Puerto Rico has, for many months, been in default of its obligations to Trump due to their company’s financial constraints and a difficult business climate in Puerto Rico,” Donald Trump told the Wall Street Journal through a spokesperson. “The Trump Organization continues to have a great relationship and incredible respect for the developer and its principals.”
Coco Beach listed $9.23 million in assets and debts of $78.07 million in its bankruptcy petition. [Wall Street Journal] — Katherine Kallergis