The $4.9 billion Ginn sur mer resort project is $78 million in arrears after missing 16 loan payments over three years, lenders led by Credit Suisse have alleged, urging the Supreme Court to allow them to foreclose on 1,476 acres of prime Bahamian real estate.
Documents filed with the Bahamian Supreme Court last month, which have been obtained by Tribune Business, reveal how Credit Suisse and its lending syndicate members are demanding that, if Ginn fails to make good all sums owing under their $276.75 million loan facility, they should be permitted to foreclose on the bulk of its resort development site in Grand Bahama’s West End.
The $4.9 billion project was announced in 2005 under the former PLP administration.
It was described as “the largest single, mixed-used resort development” project in the Bahamas, but ran into financial troubles when real estate sales failed to materialise as a result of the global recession.
