Brookfield walks from deal to take over Atlantis

Brookfield Asset Management Inc. has canceled a deal to take control of the huge Atlantis resort in the Bahamas and two other resorts from Kerzner International Holdings Ltd. after other creditors obtained a court ruling delaying the deal.

Brookfield's decision to walk away from the deal throws into limbo the fate of the 2,317-room Atlantis resort, the adjacent One & Only Ocean Club resort and a 50% stake in the One & Only Palmilla resort near Los Cabos, Mexico. Brookfield and Kerzner in November had reached a deal for Kerzner to consensually forfeit the three properties to Brookfield after a Sept. 9 due date for $2.5 billion of debt on the properties passed without payment from Kerzner.

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