Bahamas Government lauds successful conclusion of Kerzer International's restructuring process

Fri, Apr 27th 2012, 02:49 PM

Statement from the Office of the Prime Minister
NASSAU, Bahamas -- Kerzner International Holdings Limited has now successfully completed its comprehensive global restructuring process, affecting both its assets here in The Bahamas, as well as elsewhere in the world.  This process has resulted in substantially all of its Paradise Island Assets, including the Atlantis Resorts & Casino and the One & Only Ocean Club, being transferred to Brookfield Asset Management Inc., in exchange for Kerzner being released from approximately $175 million debt owed to Brookfield.

Additionally, pursuant to two management agreements, the Atlantis Management Agreement and Ocean Club Management Agreement, Kerzner will continue its premier management of the flagship Atlantis properties on Paradise Island for a minimum of three to six years and the One & Only Ocean Club on Paradise Island for a minimum fifteen years, subject to meeting certain performance hurdles.  Kerzner will continue to control all aspects of the running of the properties.  

The management agreements also provide that existing employees will continue to be employed by Brookfield.

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