Kerzner International's chief in The Bahamas is allaying concerns over the company's restructuring of $2.6 billion in mortgage debt, saying the exercise is "common practice" and these procedures can drag on for "a long time".
George Markantonis, the president and managing director of Kerzner International in The Bahamas, which owns Paradise Island's Atlantis and the One & Only Ocean Club Resorts, said his focus is right where it should be.
"In our case here, we have one responsibility - the successful operation of this property," he told Guardian Business.
"There is a dedicated team taking care of those issues and these things can go on for a long time."
Earlier this month, Kerzner International's deadline of Sept 9 came and went, resulting in an extention for an unknown period time.
Markantonis said he was not aware of the length of this extention.
In August, it was reported that the company was exploring the possibility of selling its 50 percent stake in the Atlantis resort in Dubai to raise money for the debt restructuring.  If consummated, insiders estimated it could generate approximately $250 million to $350 million in revenue.
Although an extention has been granted, concerns linger over the fate of the company.  Atlantis remains a fixture of the tourism landscape and employs thousands of Bahamians.
But according to Markantonis, negotiations are progressing normally and there is no cause for concern.
That said, he added that the restructuring has been an unfortunate distraction to everyday operations.
"Yes, it could take an indefinite period of time, but we don't want it to be," he said.
"We don't want the public and guests to be distracted for too long about this, because we want the focus to be on what we do."
Atlantis is coming off a strong September.
Markantonis explained September will finish at around 50 to 51 percent occupancy, compared to 33.3 percent during the same period last year.
Group bookings have surged 35 percent for 2011 on the back of strong corporate sales, he added, while the Latin American market continues to prove promising.

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