Debt Due-Date Looms for Kerzner
Kerzner International Resorts Inc., owner of several high-end vacation spots, including the sprawling Atlantis resort in the Bahamas, has tapped a cadre of restructuring advisers to help rework nearly $3 billion in debt ahead of a looming repayment deadline later this year.
Kerzner recently enlisted advisers at law firm Kirkland & Ellis LLP, Goldman Sachs Group Inc. and Blackstone Group LP to determine how to restructure the debt, according to people familiar with the matter. About $2.6 billion of the debt, in the form of a senior mortgage, comes due in September.
In the meantime, the terms of another $400 million slug of so-called operating company debt could force Kerzner to reach a deal with creditors sooner, the people said. The specific issues surrounding the terms of that slice of debt remained unclear.
