Shores of Panama flies for Bankruptcy

After over 100 contract holders moved forward with an attempt to be released from their contracts, the Shores of Panama Phase II has filed for protection under Chapter 11 Bankruptcy. It is important to note that Shores of Panama Phase I has successfully closed on its condominium units and is owner occupied and operational. The Shores of Panama association is also independent of this.

The Shores of Panama has two phases consisting of 709 condominiums in the 22 story gulf front building. This U-shaped building is known for its resort-style amenity area and the largest lagoon pool in the Panama City Beach area. The contract holders are claiming that the developer did not meet his obligation of completing and closing on the units within 24 months of the buyers signing their contracts. By filing for bankruptcy, Shores of Panama Phase II will have the protection that will allow them to move forward with daily operations until these matters can be resolved.

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