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AFTER almost a year of being stalled, work at the Four Seasons Resort and Private Residence on Paradise Beach will resume early this year.
Information reaching the Barbados Advocate has revealed that construction on the project, which ran into financing difficulty in 2009, will re-commence this year, after a deal was struck. The deal involves a refinancing plan, which was reached with lenders, creditors, private residence owners, shareholders and developers. The agreement, which was confirmed by Prime Minister David Thompson, who is also the Minister of Finance, involves Government supporting the refinancing efforts to complete the project. The arrangement in part will allow Government to gain an
equity share in the project, while guaranteeing the repayment of the loan, with strict conditions being in place.