THE six-month receivership for the disputed $867 million South Ocean redevelopment was discharged by the Supreme Court earlier this week, Tribune Business can exclusively reveal, after a judge dismissed an attempt by one of the property's investors to place it in foreclosure.
Justice Stephen Isaacs dismissed the foreclosure action brought by Propco, an investment vehicle owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), on the grounds that the resort's immediate holding company, New South Ocean Development Company, did not have Central Bank of the Bahamas approval - as a foreign-owned entity - to repay its loan debt to Propco.
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