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FINANCIAL NEWS
Atlantis negotiates USD2.78b of debt
17 Aug 2011
(MENAFN) The developer behind Dubai’s Atlantis resort, Kerzner International Holdings Ltd., stated that it is negotiating extending maturities on USD2.78 billion of mortgages due next month, reported Bloomberg.
According to Bloomberg resources, Kerzner faces the possibility of a debt default if the deal is not completed.
Holders of commercial mortgage-backed securities could end up getting over USD100m of principal in exchange for the two-year extension that is under negotiations.
It is worth noting that Kerzner has been struggling with debt since the global financial crisis hit the world back in 2008.
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05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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