Sarkis Izmirlian, chairman and chief executive officer of Baha Mar Ltd, the developer of the Baha Mar resort, the company and entities associated with it, are voluntarily undertaking the process of Chapter 11 under the US Bankruptcy Code. Under the code, Izmirlian has agreed to arrange the funding for the debtor-in-possession (DIP) financing facility. This financing will enable Baha Mar to operate and meet its financial obligations in the interim during the Chapter 11 process. 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.

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.