{"id":16905,"date":"2012-01-17T09:27:11","date_gmt":"2012-01-17T14:27:11","guid":{"rendered":"http:\/\/www.bahamasb2b.com\/news\/?p=16905"},"modified":"2012-01-17T10:24:19","modified_gmt":"2012-01-17T15:24:19","slug":"brookfield-sued-for-questionable-atlantis-takeover","status":"publish","type":"post","link":"https:\/\/www.bahamasb2b.com\/news\/2012\/01\/brookfield-sued-for-questionable-atlantis-takeover","title":{"rendered":"Brookfield Sued For Questionable Atlantis Takeover"},"content":{"rendered":"<figure id=\"attachment_16927\" aria-describedby=\"caption-attachment-16927\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-16927\" title=\"brookfield-asset\" src=\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/01\/brookfield-asset.jpg\" alt=\"\" width=\"200\" height=\"150\" srcset=\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/01\/brookfield-asset.jpg 200w, https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/01\/brookfield-asset-150x112.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-16927\" class=\"wp-caption-text\">Brookfield Asset Management<\/figcaption><\/figure>\n<p>Struggling to keep hold of Atlantis, executives at Kerzner International proposed a two-year extension in May 2011 that would have imposed harsher terms, according to the court document filed by senior lenders from Kerzner International\u2019s $2.5 billion mortgage debt.<\/p>\n<p>Kerzner was required to put up additional equity capital but senior lenders claim Canadian conglomerate Brookfield did not consent to the proposal because it would not have led to their takeover of Atlantis &#8211; a questionable arrangement.<\/p>\n<p>\u201cUnder the proposed Brookfield transaction, the Brookfield defendants would receive 100 percent of the equity in the borrower, along with Kerzner International\u2019s interests in two other hotels, entitling them to reap all of any future appreciation in value,\u201d the document states.<\/p>\n<p>Brookfield is being sued by four senior lenders for \u201cbrazen self-dealing\u201d resulting in its acquisition of Kerzner International\u2019s assets in The Bahamas and Mexico on Nov 30 &#8211; which, it is claimed, was done without approval and in violation to the loan agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kerzner tried to hold onto Atlantis to the end but fell under the questionable loan requirements of the &#8220;brazen self-dealing&#8221; Canadian conglomerate, Brookfield.<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[109,151,98,25,308],"class_list":["post-16905","post","type-post","status-publish","format-standard","hentry","category-business","tag-atlantis","tag-court","tag-financial","tag-hotels","tag-investment"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/16905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=16905"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/16905\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=16905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=16905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=16905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}