Tonight, the Atlantic Bank is off the hook for the 62 million dollars that it loaned to the troubled Stake Bank project.
The Bank today announced that it has, quote "sold the facilities held with Stake Bank Enterprise Limited to Operaciones Portuarias, a corporation organized and existing under the laws of Honduras."
This happened on May first - and though it took them three weeks to announce - it's good news for Atlantic because the bank had been stuck with a huge non performing loan, for which the security was considered impaired. It now writes that debt off its books - which also gets the bank clear of attacks suggesting that depositors' money was at risk.
So who bought the debt? Well, Operaciones Portuarias is the same group that already invested over 150 million dollars in the project - and they now take over the Atlantic Debt and the receivership for the troubled project - which reportedly needs another 50 million dollars to reach completion.
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