WILL BAHA MAR GET FINISHED
Posted on 09/09/2015 | About The Bahamas
The Bahamas Supreme Court has appointed a provisional liquidator to help oversee the Baha Mar resort project. The company has welcomed the move saying it will help Baha Mar finish the resort.
The court ordered the liquidator to preserve the developer’s assets instead of finding an alternative plan to complete the project, and set a hearing date for the government’s potential “winding down,” or taking control of the site, in early November.
Project developer Baha Mar Ltd. said in a statement, “The Bahamian Supreme Court has made it quite clear that the present intention is to not have Baha Mar liquidated or its management replaced.”
“In fact, the judge specifically wants to make sure that Baha Mar’s assets are preserved — which is a priority we all share.”
Baha Mar Ltd. filed for Chapter 11 bankruptcy protection in a US court in June this year, but the Bahamas government declined to recognize the filing and sought to have the developer removed from the project and replaced by a third-party liquidator.
The largest creditor, China-owned CCA Bahamas, said it "welcomes the ruling to appoint provisional liquidators, which marks an important step forward towards addressing the challenges relating to the completion and opening of the Baha Mar resort."