17 Nov 2010Blog

Four Seasons bailout

by admin

Payouts have already been made to many staff members and ex-staff members on the stalled Four Seasons project in Barbados.

Dr Avinash Persaud now seems to be running the show and made a statement on Monday about the payments. Get more detail on the situation over at Stabroek News and how this effects the project’s creditors…

More than 300 local and international creditors and suppliers connected with the Four Seasons project are set to get about Bds$100 million over the course of two years.

Executive chairman of Paradise Beach Limited, Dr Avinash Persaud, on Monday said the payments to creditors would be made in part from a Bds$120 million credit facility disbursed by ANSA Merchant Bank.

It was finalised on Monday during a signing ceremony at Paradise’s Black Rock, St Michael office and will go a long way towards meeting a backlog of payments to an extensive list of creditors ranging from artisans to big companies such as Rayside Construction and C.O. Williams.

via Creditors in Barbados Four Seasons project to get $$ – Stabroek News – Guyana.