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General contractor comments on Baha Mar bankruptcy

CCA Bahamas Ltd, a wholly owned indirect subsidiary of China State Construction Engineering Corporation Ltd and the general contractor for the $3.5 billion Baha Mar resort project, has issued a statement regarding the decision made by Baha Mar to file for bankruptcy protection. Read the statement here. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Tuesday, July 7, 2015
Tuesday, July 7, 2015

CSCECCCA Bahamas Ltd, a wholly owned indirect subsidiary of China State Construction Engineering Corporation Ltd (CSCEC) and the general contractor for the $3.5 billion Baha Mar resort project, has issued the following statement regarding the recent decision made by Baha Mar Ltd, the developer of the Baha Mar resort, to file for bankruptcy protection in the United States Bankruptcy Court for the District of Delaware:

“Baha Mar Ltd’s decision to file for bankruptcy protection is the direct result of its failure to secure adequate financing and its mismanagement of the design of Baha Mar resort project. This mismanagement includes replacing the principal architect after construction had commenced, the late and incomplete delivery of design packages and over 1,300 Construction Change Directives.”


“The vast majority of the Baha Mar debtors are organized under the laws of The Bahamas, the Baha Mar project is located in The Bahamas, and the Bahamian people are deeply invested in the future of the project. Baha Mar Ltd’s decision to file for bankruptcy protection in the United States was, therefore, misplaced and calculated to benefit the project’s developer over the interests of the Bahamas and its people.”

“Baha Mar Ltd’s recent public attempt to shift responsibility away from itself and blame CCA Bahamas and our subcontractors for the delays in the project’s completion is misleading and dishonest. It is insulting to the many talented and hardworking employees and subcontractors that work for CCA Bahamas and harms the interests of the people and government of The Bahamas that are represented by this landmark project.”

“Since February 2015, CCA Bahamas and our subcontractors have performed nearly $72 million of contract work for which we have received no payment. Our aggregate investment in and commitment to the project, including money advanced by CSCEC on behalf of the developer, approximates $220 million. We have continually acted in good faith in the performance of this work reliant upon the belief that Baha Mar Ltd would fulfill its responsibilities as the owner.”

“CCA Bahamas is committed to holding Baha Mar Ltd accountable for its improper actions and failed commitments to the Bahamian government, the people of The Bahamas, and all of its creditors. We look forward to working with the financial community and the Bahamian government in order to complete this important project.”

The Ministry of Finance has issued a statement following Standard & Poor's decision to review the sovereign ratings update for The Bahamas in light of the Baha Mar bankruptcy protection filing. Read the statement here.

Etienne Dupuch Jr Publications is pleased to announce the release of the July-December issue of The Bahamas Investor magazine.

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