Major Bahamian resort restructuring

Real estate investment fund

Our attorneys represented a major real estate investment fund as the holder of the US$178 million controlling participation interest in a financing in the original principal amount of US$2.78 billion secured by a resort and casino located on Paradise Island in the Bahamas and certain related joint venture interests. The collateral for the financing also included a number of unusual assets such as a water treatment plant and trained dolphins. Following a maturity default under the financing, the representation included the negotiation and documentation of a debt-for-equity settlement pursuant to which the fund acquired all of the equity interests in the resort and the related joint venture interests and the restructuring of the remaining US$2.3 billion senior portion of the financing. The representation in connection with the resort, joint venture interests and related financings is ongoing.

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