Kerzner Unloads Atlantis Resorts In $2B Restructuring

Law360, New York (April 27, 2012, 5:57 PM EDT) -- Resort developer Kerzner International Holdings Ltd. has completed a $2.3 billion debt restructuring that included transferring the ownership of its flagship Atlantis properties in the Bahamas and Dubai to Brookfield Asset Management and Istithmar World PJSC, respectively, Kerzner said Friday.

The transactions come at the end of a monthslong process that included litigation between Kerzner noteholders and Brookfield over the proper restructuring of the company's debt. After a temporary restraining order and lengthy negotiations, Brookfield will forgive $175 million in junior debt and take over the...
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