Kerzner International Holdings Limited announced that it has shifted its forward business strategy from that of owner / operator to that of a management company under which it will continue to grow the Atlantis and One&Only Brands world-wide.
Consistent with this strategy, Kerzner has entered into an agreement in principle with its corporate lenders to amend its operating company debt and has also entered into an agreement in principle with the lenders to its Bahamian and Mexican assets, including a fund owned by Brookfield Asset Management ("Brookfield"), which will see Brookfield assume ownership of these assets subject to management contracts with the Company. Brookfield has agreed to exchange approximately $175 million of debt for the equity of the Bahamian and Mexican companies.Consistent with this strategy, Kerzner has entered into an agreement in principle with its corporate lenders to amend its operating company debt and has also entered into an agreement in principle with the lenders to its Bahamian and Mexican assets, including a fund owned by Brookfield Asset Management ("Brookfield"), which will see Brookfield assume ownership of these assets subject to management contracts with the Company. Brookfield has agreed to exchange approximately $175 million of debt for the equity of the Bahamian and Mexican companies.
