Bermuda Financial Centre Limited

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    BFCL comes to an ignominious end

    One of the most ambitious property developments in Bermuda's history that eventually turned into a four-year embarrassment for its sponsors has ended in typically ignominious fashion. Bermuda Financial Centre Limited was struck off from the Bermuda companies register on December 19 by the authorities and, three days later, the listing of its preference shares was cancelled by the Bermuda Stock Exchange.

    BFCL experiences financing delays

    The financial restructuring of the $138 million Bermuda Financial Centre Ltd project has been delayed while efforts are made to raise debt financing abroad, we can reveal. While the Bank of Bermuda has succeeded in raising $24 million in equity commitments locally for the $58.7 million office block part of the project, it has been unable to secure the necessary loans for the scheme from within the island.

    BFCL plans $5 m IPO

    Bermudians will soon be invited to buy in to the international business industry — by purchasing shares in a new company planning to replace the Bermudiana Hotel with a posh, five-star business hotel and office complex. The project, which includes a big convention and leisure centre, could be completed in 1996 and is expected to inject millions of dollars into the economy.

    BFCL may turn to overseas investors

    Founding investors in a planned $131 million hotel proposed to take the place of the Bermudiana have been told that the full cost of the project could be met with funds from overseas. Gordon Capital Corporation, the Canadian investment banking firm advising on the financing of the project, has said the money can be raised from its clients off the island.

    Major plans for site of Bermudiana Hotel

    A Small group of Bermudian investors and businessmen plans to raise over $130 million to turn the Bermudiana Hotel into a five-star hotel and convention centre, with offices and a recreation complex. The group has not been named but is known to include architect Fraser Butterworth. Two other well-known Bermudians with extensive hotel experience are among the founding sponsors.