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Baha Mar secures debtor financing

Baha Mar Ltd has moved forward with its Chapter 11 process, receiving court approval for the continued payment of salaries and benefits, payment of ordinary course suppliers and vendors for any post-petition claims, and the operation of certain customer loyalty and other programmes. 

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TheBahamasInvestor.com
Thursday, July 2, 2015
Thursday, July 2, 2015

Baha Mar Ltd has moved forward with its Chapter 11 process, receiving court approval for, among other key initiatives, the continued payment of salaries and benefits, payment of ordinary course suppliers and vendors for any post-petition claims, and the operation of certain customer loyalty and other programmes.

To enable Baha Mar to undertake these initiatives, the court approved the interim Debtor in Possession (DIP) financing arranged by Sarkis Izmirlian, Baha Mar’s developer. Specifically, the total DIP facility is up to $80 million of which up to $30 million will be utilized by Baha Mar over the next 30 days.


XXXXIzmirlian stated: “Our goal is to complete construction and successfully open Baha Mar as a world-class destination resort that will attract guests from across the globe and serve as a key economic sparkplug in The Bahamas. The Chapter 11 process provides us the best path to position us to achieve this goal.”

Milbank, Tweed, Hadley & McCloy, LLP and Kobre & Kim, LLP are acting as legal advisors, and Moelis & Company is acting as financial advisor to the filing entities.

The Bahamas government has issued another statement regarding mega resort Baha Mar's recent decision to file for Chapter 11 under the US Bankruptcy Code. Read the statement here.

Minister of Foreign Affairs Fred Mitchell has issued a statement regarding the re-establishment of diplomatic ties between Cuba and the US. Read the statement here.

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