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El Comandante misses interest payment on mortgage notes, won't redeem $10.2 million
New York, Dec. 17 - El Comandante Capital Corp. said it will not make the interest payment due Monday on its $68 million of mortgage notes secured by El Comandante Race Track nor will it redeem $10.2 million principal amount of the notes as required under the indenture securing the notes.
El Comandante said it is exploring ways to pay the interest during the 30-day grace period and to complete the redemption. The company, a wholly owned subsidiary of Housing Development Associates SE which in turn is owned by Equus Gaming Company LP, said it is in discussion with government and banking officials in Puerto Rico but has no binding financial commitments at this point.
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