The Boardroom battle at the British Colonial Hilton has been exposed by a ruling that effectively prevents the majority shareholder from refinancing its own $19.09 million bridging loan to the property, something it alleged had created a $3.4 million "net benefit" for the downtown Nassau resort.
The 30-page verdict by Canadian arbitrator Stan Fischer, a copy of which has been obtained by Tribune Business, is a victory for the Hilton's 29 per cent minority investor, the Canadian Commercial Workers Industry Pension Plan (CCWIPP), which had refused to approve the refinancing on the grounds that the Bahamian resort would be unable to generate enough cash flow to pay off the new loan's terms.
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