KERZNER International confirmed yesterday that is has been granted an extension to repay its $2.78 billion loan that is due next month.

This comes after Kerzner managing director George Markantonis said the company was in active and "constructive discussions" with their lenders.

Last month, Bloomberg News reported that Kerzner International Holdings, which is part-owned by Dubai World's Istithmar, might default on the mortgages if a deal cannot be reached.

On Wednesday, a former Chamber of Commerce President said a default would send "enormous shockwaves" through the Bahamian economy.

Yesterday, a spokesperson for the company said: "We can confirm that Kerzner has re ...

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