PanamaNowOnline is reporting that Global Bank has formally begun foreclosure proceedings against OGI. Apparently OGI has not made any loan payments to the bank for at least 6 months. Exactly what assets the bank is foreclosing on is unclear but it is believed that there are multiple loans totaling approximately $10M in principal, interest and penalties. Possible collateral on these loans are various villas, lots both within and without the COA, marina buildings, the store, reception, La Rosa Beach Club etc. This story will be updated with more details as they become available.
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