Justice snails pace freezes $30 million

  THE HOLDERS of $30 million in bonds issued by R.G. Hotels  and people living in a giant hotel’-apartment  complex wi]hout title are getting increasingly frustrated with Panama’s justice system.

The bankruptcy  of the com[any was decreed Oct. 21, but was retroactive to July 31, 2012.

That decision has added a layer of complexity to the process.

There is  at least $65 million in debts accumulated by the company, which developed properties on the Pacific coast.

ABS Trust, the administrator of the $30 million in bonds issued by the company, has sought to have the case moved from Coclé to Panama City.

That request was filed in November and has yet to be resolved.

Until the issue of jurisdiction is determined, the rest of the case cannot move forward.