Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
Atlantis ownership saga continues to unfold

This week, Brookfield Asset Management announced that it was walking away from a debt-for-equity deal for Atlantis Paradise Island, leaving the future ownership of the resort in some uncertainty. Kerzner International, however, will continue to operate the mega-resort and other Paradise Island properties. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Wednesday, January 18, 2012
Wednesday, January 18, 2012

Over the last few months, it has been widely reported that Kerzner International has been in the process of offloading its Atlantis Paradise Island resort, its Bahamas One&Only Ocean Club and its One&Only Palmilla in Mexico to Toronto real estate and asset management company Brookfield Asset Management in a debt-for-equity swap.

The move came after Kerzner International failed in November last year to renegotiate terms on a $2.6 billion debt.

Earlier this month, Sir Sol Kerzner also announced that he was stepping down as chief executive officer and the reins were being handed over to long-standing Kerzner executive Alan Liebman.

However, this week Brookfield sensationally announced it was pulling out of the deal following a court injunction acquired by senior Kerzner International creditors.

At this point, the ownership of the Paradise Island properties is still in doubt, although Kerzner has said it will continue to operate the resort and other properties for the foreseeable future.

scotterill@dupuch.com

British High Commissioner Howard Drake visits Governor-General Sir Arthur Foulkes with a delegation to discuss arrangements for a royal visit planned later in the year.

The Bahamas Association of Compliance Officers has named Wendy Warren, former chief executive officer and executive director of the Bahamas Financial Services Board, as the recipient of this year's Cheryl Bazard Founding President Award.

The Bahamas Investor
Administrative Links
  


  © 2017 ETIENNE DUPUCH JR PUBLICATIONS LTD