A US court has approved Credit Suisse's $525 million foreclosure on a $4.9 billion Bahamas-based mixed-use resort project, Tribune Business can reveal, a key step in the plan that will see Ginn enter into a joint venture with the Swiss bank to develop the property.
Documents from the New York State Supreme Court, which have been obtained by this newspaper, reveal that Justice Barbara Kapnick entered the foreclosure and sale order, whereby the Ginn sur mer project in Grand Bahama's West End will effectively be sold at a public auction, on December 23, 2009.
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