Cap Cana, S.A. announced that the composition of the lenders under its US$100 million Bridge Loan, dated as of November 20, 2007, has changed and that the default for non-payment of principal that occurred on November 19, 2008 has been waived.
The Company also announced that the final maturity of the Bridge Loan has been extended until December 29, 2008. This extension provides the Company with additional time to define restructuring alternatives.
Cap Cana was advised by the Weston Group on this transaction and represented by Simpson Thacher & Bartlett LLP.
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