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Atlantic Bank sells Stake Bank debt, easing financial concerns

Posted: Saturday, May 25, 2024. 5:32 am CST.

Atlantic Bank Ltd. announced on Friday that it has sold its $62 million loan associated with the Stake Bank cruise port project, transferring the debt to Operaciones Portuarias, a Honduran corporation, on May 1st.

This move removes a considerable loan from Atlantic Bank’s balance sheet, potentially easing concerns regarding the bank’s exposure to the project’s financial uncertainties.

Operaciones Portuarias, the new holder of the debt, is already significantly invested in the Stake Bank project, having reportedly contributed over $150 million. The group now assumes responsibility for managing the project’s debt and receivership, with estimates suggesting an additional $50 million is needed to complete the venture.

 

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