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PM “not taking sides” on Baha Mar bankruptcy

Prime Minister Perry Christie has issued a statement following the announcement by megaresort Baha Mar that it is filing for voluntary bankruptcy. Read the statement here. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Tuesday, June 30, 2015
Tuesday, June 30, 2015

The following is a statement by the Prime Minister of The Bahamas Perry Christie:

I note the statement that has been given today by Sarkis Izmirlian that he and the Baha Mar group remain committed to the pursuit of an early and definitive settlement of their outstanding differences with the lender and general contractor to the Baha Mar resort.


The government continues to be available to all the parties to assist in the mediation and resolution of their differences. In doing so, however, the government will not be taking anyone’s side. Instead the government will at all times continue to optimize its value as a mediator between the parties so as to ensure that the interests of Bahamian workers and indeed the interests of the nation as a whole are accorded primacy at all times.

The government has taken note of certain legal initiatives that have been taken by Baha Mar in the courts of the United States to secure creditor protection. The attorney-general is presently reviewing these initiatives and their implications in conjunction with the government’s US and UK attorneys. Until this review has been completed it would obviously not be appropriate to make any further comment on this aspect of the matter.

The government remains hopeful that with the continued exertion of good faith efforts by all concerned, the Baha Mar Resort will not only open soon but will fulfill its promise as an important new dimension in Bahamian and regional tourism and one that will represent a major contributor to Bahamian employment.

Baha Mar Ltd the developer of the Baha Mar resort in Nassau, today commenced a claim in the English High Court against defendant China State Construction Engineering Corp asserting that, among other things, the defendant is liable in respect guarantee and performance obligations related to the construction of the project, and that Baha Mar Ltd is entitled to and claims against the defendant a variety of financial remedies.

Senior vice president of external affairs at Baha Mar Robert Sands has commented on the reasons behind the resort developer's application for voluntary bankruptcy, blaming repeated construction delays and the pressures of maintaining a huge payroll. Watch an interview with Sands here.

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