PUNTA CANA, Dominican Republic. - The group Cap Cana, S.A. announced a reconstruction process for its US$250 million in international bonds that mature in 2013, and since December takes the necessary steps to conclude the operation on those issues during January.

The reconstruction entails the issuing of a new series of titles to replace the previous ones, and begun in December by the company Weston Funding LLC, jointly with a public offer on the part of Weston, to buy bonds from those investors who prefer to cash them in.

The reconstruction entails certain requirements, as there’s a proposal to modify the original bond, among them, a deposit of US$12 million in an escrow account to guarantee the next dividend payment, expected in May. Cap Cana requested a waiver for that requirement on the original bond on December 19.

The process to obtain the number required for the consent of the diverse bondholders during the Christmas and New Year celebrations made it necessary to extend the term to respond to that request for consent to mid January.

Cap Cana said so far most of the bondholders that have responded have agreed to the renegotiation, and it’s part of a general reconstruction strategy undertaken by the Board of Directors, that aims to renegotiate with the bondholders now.

It said international experts and investors agree that Cap Cana is taking the initiative against external events and will be among the first companies in the region to successfully overcome the difficulties.

The group that develops the country’s largest resort said when the process concludes, it’ll remain as one of the strongest companies, despite the overall effects of the global crisis.