While people in Barbados wait to hear what will be the fate of the Cinnamon 88/Four Seasons/Paradise hotel and residences project, the British public are having the matter put in front of them (see Guardian report). It is essentially a British story, as the main creditors and initial purchasers are Britons, who happen to have chosen Barbados to do their develop and build their dream million pound homes. The stalling of the project is of interest too as Barbados is so heavily visited by UK tourists and familiar to them. Interest is fuelled because of the high profile Britons who are supposed to be creditors, such as TV celebrity, Simon Cowell, and musical impresario, Andrew Lloyd Webber.
The project went horribly off track months ago as credit woes affected British banks. Reports of progress have all been 'reports' so far, and 'unfinished business' is the order of the day.
PM David Thompson stepped in and tried to intervene in getting negotiations on a solution to the financing of the project. Various sources indicate that news of progress may be forthcoming before the year end. However, in the meantime, it's very much wait and see.
Macquarie, MEIF 2 & NCP Group: 'long term' can't fix overpaying
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incredible chase for the UK’s NCP Group’s car parks by private equity was
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6 comments:
Pemberton bit off more than he could chew this time around.
Thompson will find a way to help out these rich spoiled rich fat cats.Only too bad the barbadian tax payers would be the ones doing it to help save what little is left of the tourist coming from the uk.
I wont be at all surprised if Thompson use some ofthe million dollars loan can't remember the exact amount but I am thinking 224million he got to bail them out.
Anyhow blank happens
@acox, If you are referring to the loan from the Inter American Development Bank, that money is for specified projects, not just to use as the government pleases. But, the question to ask yourself is why the government would want to bail out foreign investors?
@ Carson C. Cadogan, reports indicate that Mr. Pemberton's role will be signficantly changed (reduced) under the new corporate structure.
The politicians always do what they dam please especially when they know no one{media} is watching them. I hope I don't have to say i told you so.
AS to your question maybe you can enlighten me on that . However I would venture to say is runs right through the banking industry.
"reports indicate that Mr. Pemberton's role will be signficantly changed (reduced) under the new corporate structure"
That would be a plus for the project. It is clear to see that he is way over his head with this venture.
Competent management is one the elements which will turn this endeavour around.
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