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Baha Mar issues statement on CCA press release

Baha Mar Ltd. issued the following statement with regard to CCA Bahamas Ltd's ("CCA") press release dated July 26: 

Source:
Date:
Updated:
Baha Mar Ltd
Monday, July 27, 2015
Monday, July 27, 2015

NASSAU, Bahamas, July 27, 2015 /PRNewswire/ — Baha Mar Ltd. issued the following statement with regard to CCA Bahamas Ltd’s (“CCA”) press release dated July 26:

“It is interesting that when a very viable proposal is put forward by Baha Mar Ltd. to the Export-Import Bank of China—a proposal which provides for a significant equity infusion by the Izmirlian family to complete and open Baha Mar and would utilize Bahamian contractors and a Bahamian workforce to properly finish the work at Baha Mar that CCA failed to do—CCA issues a highly defensive and apparently panicky press release. CCA should be concerned.


No matter how CCA tries to spin it and no matter how often it tries to deflect from its lack of responsibility, it cannot cover up the sad pattern of its failing to perform properly at Baha Mar and other important projects in The Bahamas as well. CCA in its release cites not a viable proposal on its part but rather a distortion of an old posture that made discussions to negotiate a consensual resolution with it as one of the parties a sham. It is why we came forward and made our very viable proposal directly to The Export-Import Bank of China. CCA failed to complete Baha Mar repeatedly on the timetables it set, its work has been called into question, it walked off the job, its failure to perform caused Baha Mar to have to seek Chapter 11 protection, and it has been uncooperative in working toward a consensual resolution.”

About Baha Mar
Baha Mar is set on 3,000 feet of white sandy beach just 10 minutes from Nassau’s fully renovated and expanded international airport.  It will feature elite hotels with gaming, entertainment, private residences, shopping and natural attractions that reflect an authentic Bahamian experience. Amenities will include a Jack Nicklaus Signature golf course; 200,000 square feet of flexible convention facilities, including a 2,000-seat entertainment venue; art galleries featuring Bahamian art; more than 40 restaurants, bars and clubs; global luxury designer and local artisan boutiques; and 20 acres of exquisitely landscaped beach and pool experiences, including a beachfront sanctuary with native Bahamian flora and fauna. For more information during this process please visit bmpathforward.com.

Late Friday, CCA Bahamas Ltd issued a press release with a statement regarding the Baha Mar project. Read the full communication here.

Parliamentary debate has begun on the Hawksbill Creek Agreement tax concessions, which apply to Grand Bahama and have been extended for six months past their August 4 expiration date. Watch a ZNS Network news report here.

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