The Tribune

By RICARDO WELLS

Tribune Staff Reporter

rwells@tribunemedia.net

BAHAMAS Electricity Corporation General Manager Kevin Basden yesterday clarified that the $24m owed to the financially strapped energy provider by Baha Mar would “certainly” affect profit margins.

Mr Basden told reporters on the sidelines of the 2015 Association of Electric Utilities’ (CARILEC) Engineering and Occupational Health and Safety Conference that despite notions made by BEC Chairman Leslie Miller, “every dollar counts”.

Earlier this month, Mr Miller urged the public to “look at the big picture” when discussing the Baha Mar debt issue.

At the time he said: “The debt has no bearing on PowerSecure and its role in BEC.

“There is no connection between the two because the company knew what it was facing when it came on as far as the Baha Mar situation is concerned.”

“We have to look at the big picture. We have to provide those jobs at Baha Mar for Bahamians. Get it open. BEC debt payments are sideline stuff.

“Let us focus on the big picture, that Baha Mar must open up before the end of the year.

However, Mr Basden yesterday said: “Every dollar of that money we get back would be writing back to our books, so it would assist the bottom-line in any number of ways.

“Any operation with that type of money out there would be impacted. It will impact us not only from a operational perspective as far as cash flow, but even from a profitability perspective.

“I am saying it impacts BEC in any number of ways, not only from a cash flow perspective, but also from a profitability perspective.

BEC is the stalled Cable Beach resort’s biggest Bahamian creditor.

According to documents Baha Mar filed in the US District of Delaware as part of its Chapter 11 bankruptcy case, the resort owes BEC $19.5m.

That figure was later refuted by Mr Miller. He contended that the sum owned to BEC ranged around $24m.