BAHA MAR announced on Thursday morning that its 15 affiliated entities that commenced Chapter 11 cases before the United States Bankruptcy Court in Delaware on June 29 have filed their Plan of Reorganisation.
"The filing of the Chapter 11 plan is an important step in Baha Mar’s restructuring efforts," a statement from the stalled Cable Beach resort read. "The plan presents a viable framework for Baha Mar’s emergence from Chapter 11 and the expeditious resumption and completion of the construction of Baha Mar. Most notably, the plan provides that valid claims of Bahamian creditors and the Government of the Bahamas will be unaffected by the Chapter 11 and, upon implementation of the plan, would be paid in the ordinary course of business.
“Baha Mar’s priority is to complete the resort’s construction properly and open successfully as soon as possible. The plan is structured to enable Baha Mar to achieve this objective. Once completed, Baha Mar is projected to generate nearly 5,000 new jobs in The Bahamas and have an annual payroll in excess of $130 million, representing nearly 12 per cent of the GDP of The Bahamas.”
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