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