PRIME Minister Hubert Ingraham reassured Bahamians last night that the failed deal between Atlantis and Brookfield Asset Management will have no adverse affect on jobs. He insisted that the creditors of the property are seeking to keep it running and profitable.
"Have no fear, no jobs are being lost, the lenders will come to terms among themselves," said Mr Ingraham.
"In the meantime, until something happens between the lenders, Mr Kerzner still owns Atlantis and he is still running Atlantis. We were happy with him last year, we're happy with him today."
However, speaking at the Marathon constituency office last night, where Earl Deveaux officially passed the torch to Heather Hunt, his successor for the area, Mr Ingraham reiterated that Kerzner International's use of the Atlantis Paradise Island properties as collateral for a multi-billion dollar loan was a "very bad decision".
He also insisted that there is nothing the government of the Bahamas can do if Atlantis has defaulted on its loans.
"There is nothing the government could do about a bank that lends you money and you don't pay them back and you put your building up for it and the bank wants to sell it," he said.
"Now, the bank has an interest in making sure it can get its money back.
"The people who lent money to Atlantis have an interest in making sure they can get their money back.
"So, it is in their interest to make sure Atlantis succeeds and makes money so that they can eventually get their money back."
The opposition has chided Mr Ingraham for being mum on the deal between Kerzner International and Brookfield Asset Management.
However, he explained last night that it would have been "inappropriate" and "unhelpful" to speak about the Atlantis matter day after day while still trying to focus on "the people's business."
He also told reporters while in Grand Bahama this week that the Government did not have an opportunity to approve the Brookfield purchase or have it transferred to them, before a judge ordered the deal stopped. And Brookfield withdrew its application to government.
"I think it is important for the government to keep people informed and abreast about developments at Atlantis," Mr Ingraham said.
"It is especially critical for people to be informed while all this false information, misinformation and speculation on the matter at hand continues day after day.
"Our overriding responsibility is for the protection of Bahamian jobs and the long term viability of Atlantis."
Mr Ingraham said Atlantis is one of the leading resorts in the Bahamas and it has been good for the Bahamas.
"Sol Kerzner has been good for us and good to the Bahamas," he said. "We have your back and we have your best interest at heart. We are connected, we are involved and we are engaged."
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