Legal Matters

Legal battle over Atlantis intensifies

13 Jan, 2012

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The Nassau Guardian reports that a group of lenders who financed Kerzner International's $2.5-billion mortgage has filed legal action in the United States in an effort to thwart the Brookfield Asset Management's takeover of the Bahamas resort, along with the adjacent One&Only Ocean Club. The lenders are accusing the real estate conglomerate of shifty self-dealing in its announced debt-for-equity swap with financially distressed Kerzner. Brookfield agreed to exchange $175 million in debt for the equity of Kerzner's Bahamian and Mexican assets.

Topic : Atlantis, Bahamas, Kerzner, Brookfield
External Source : The Nassau Gaurdian