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Izmirlian reiterates bid for Baha Mar

BMD Holdings Ltd, the former developer of Baha Mar owned by Sarkis Izmirlian, has notified the Export Import Bank of China, as well as Prime Minister Perry Christie, that it is prepared to move forward to purchase the Baha Mar resort, saying it will pay all monies owed to contractors and complete construction swiftly. 

Source:
Date:
Updated:
BMD Holdings Ltd
Thursday, October 13, 2016
Thursday, October 13, 2016

NASSAU, Bahamas, October 2016 /PRNewswire/ — BMD Holdings Ltd, the former developer of Baha Mar, today notified the Export Import Bank of China as well as Prime Minister Perry Christie of The Bahamas that it is prepared to move forward to purchase the Baha Mar resort with an offer that would be superior in all respects to the previously reported potential sale by the bank to an undisclosed Chinese party.

Specifically, in a letter to Mr. Liu Liange, Vice Chairman and President of the Export Import Bank of China, BMD, among other points, highlights:

  • It is prepared to move forward immediately with a formal offer at a price in excess of the current undisclosed offer.
  • It will pay 100% of all substantiated Bahamian claims and all monies owed to Bahamian and Expat employees.
  • It will drop all of its appeals and legal actions in effect within the Bahamian Courts upon acceptance of its offer.
  • It will have the full funding necessary in place for such a purchase price.

BMD makes clear that it can conclude its transaction with CEXIM in the shortest period of time and can complete Baha Mar with the soonest opening of all other options. BMD emphasized that it is in the best position to re- engage the people of The Bahamas as passionate supporters of Baha Mar and its stakeholders.

The text of the letter to Mr. Liu Liange is included below:

October 10, 2016

Mr. Liu Liange
Vice Chairman, President
The Export-Import Bank of China
No. 30, Fu Xing Men Nei Street, Xicheng District
Beijing, China 100031

Dear President Liu,

I write regarding the current status of the Baha Mar resort and our understanding of CEXIM’s recent activities surrounding the same.

Recent public statements by the Government of The Bahamas, its legal counsel and the judge overseeing the Baha Mar liquidation process, assert that CEXIM has purchased the Baha Mar assets via a newly established company. In essence, CEXIM has taken all the potential viable assets out, including the claim against CCA, and left behind all the obligations. It is our understanding that CEXIM then intends to complete the resort construction and proceed with a second transaction to sell the resort to an undisclosed Chinese party.

It has been stated that this Chinese party was found outside the Receivers sales process. This is very important and surprising. As you must be aware, we previously were advised on multiple occasion by your Receivers that all offers were required to be tendered through the Receivers’ process, and the multitude of bona fide offers we have made were not considered because of that. In fact, if our offers had been considered, it is very likely that Baha Mar would be open today, employing thousands of Bahamians.

Since the potential acquisition of Baha Mar by an unidentified party via an offer outside the Receivers’ process is now what CEXIM is entertaining, we hereby submit the following offer, which we are confident is both far superior economically and in the best interest of The Bahamas.

Specifically:
a.) We are prepared to move forward immediately with a formal offer at a price in excess of the current undisclosed offer.

b.) We will pay 100% of all substantiated Bahamian claims and all monies owed to Bahamians and Expat employees.

c.) We will drop all of our appeals and legal actions in effect within the Bahamian Courts upon acceptance of our offer.

d.) We have the full funding necessary in place for such a purchase price.

My team can conclude this transaction with CEXIM with the fewest surprises in the shortest period of time. We can complete Baha Mar with the soonest opening of all other options. We are in the best position to re-engage the people of The Bahamas as passionate supporters of Baha Mar and its stakeholders. And we can pay the highest price for the benefit of the bank and all its stakeholders.

President Liu, I ask that we put our disagreements of the past year behind us. Together, we can move ahead to a swift and mutually beneficial resolution for Baha Mar, which will result in the resort being open as soon as possible to serve the best interests of The Bahamas, as well as the bank. Now more than ever the country, in its time of need, requires us to come together.

Sincerely,

Sarkis D. Izmirlian, Chief Executive Officer, BMD Holdings Ltd.

Cc: Rt. Hon. Perry G Christie

Sandals Bahamas resorts are set to re-open ahead of the Christmas high season, following refurbishments and clean-up efforts following Hurricane Matthew, while Atlantis Paradise Island held a special lunch to say thank you to the resort's staff that worked through the recent disaster.

Travel Weekly reports that the private islands and ports in The Bahamas and Haiti are mostly open and sustained only minor damage from Hurricane Matthew, according to cruise lines.

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