Doral Properties revenue bondholders to get $20.5 million distribution

By Caroline Salls

Pittsburgh, March 1 – Doral Properties, Inc.’s Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority series 199A revenue bond trustee UMB Bank, NA will distribute a total of $20.5 million to bondholders on March 15, according to a notice from the trustee.

UMB said the distribution will include $19.32 million in proceeds from the sale of San Juan, Puerto Rico, property that was completed as part of Doral’s Chapter 11 bankruptcy case, as well as additional funds held in trust to secure the bonds.

The distribution will be made to bondholders of record as of March 14.

The distribution will equal $614.357726 per $1,000 principal amount of bonds and $50.548092 per $1,000 of interest owed to holders of 74527BLC6 bonds and $614.357726 per $1,000 principal amount and $50.428560 per $1,000 of interest owed for holders of 74527BLD4 bonds.

Doral Financial Corp. is a holding company based in San Juan, Puerto Rico. The company filed for bankruptcy on March 11, 2015 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 15-10573.

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