FIRST AIRED: February 1, 2019

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Transcript

00:00:01
>> It became a tragic symbol of Turkey's falling lira. This half built fairy tale development of hundreds of Disney style castles sitting empty in western Turkey after the company went bankrupt. But at a meeting in an Istanbul court Friday the majority of creditors at the firm voted for it to continue building at the complex using company capital and assets.
00:00:25
However, not all property owners are happy. This Kuwaiti lawyer representing the buyers of more than 70 castles said the company had failed to keep its promises and they weren't convinced it would complete the construction. The Burj al Babas project was intended to be a luxury housing development around a shopping mall and hotel.
00:00:47
But delays in obtaining construction permits pushed up building costs as the falling lira drove up prices of materials. The company, like other construction firms in Turkey, felt the pain of a falling currency and rising interest rates. Work at the resort was halted last year. Now, this fairy tale development still hopes to clinch its happy ending.