Roberts says receivership of Baha Mar is ‘positive’ news

Bradley Roberts

Bradley Roberts


Tribune Staff Reporter


PLP Chairman Bradley Roberts yesterday welcomed the “positive” news that Baha Mar has been placed into receivership at the request of the Export Import Bank of China.

The move, he said, will ensure that the relevant parties co-operate to get the resort completed and opened.

The Supreme Court placed Baha Mar into receivership last Friday after approving an application from the EXIM Bank. Deloitte and Touche’s (Bahamas) Managing Partner Raymond Winder and partners from the firm’s China office were appointed receivers on behalf of the bank.

“The decision will mean a new era of co-operation to get the project finished and people back on the job,” Mr Roberts said in a statement.

“There is much work to be done but we believe that this is a necessary step to give the project overall direction and control. Our main aim, objective and wish are to ensure that the job prospects of the 2,000 displaced Baha Mar workers are improved so that they can return to work in the shortest possible time.”

He added: “The government of The Bahamas under the leadership of Perry Christie has demonstrated considerable patience, confident and strong leadership skills during these negotiations, at all times protecting the sovereignty of the Bahamas, the investment of Bahamian suppliers and demonstrating to the global community that the government has given the developer every available opportunity to retain control of the project.

“The government is commended for its overall handling of this crisis and has the full support of the PLP. The PLP encourages the government to continue to aggressively pursue the requisite bridge financing necessary to cause for the re-engagement of the displaced Bahamian employees at the resort.”

“The PLP notes the joint provisional liquidators’ statement that they will work closely with the receiver, noted accounting firm Deloitte and Touche, the Bahamas’ government, the financier and the general contractor in facilitating a speedy resolution to this matter in the national interest. This atmosphere of cooperation can only strengthen the interests of commercial parties in remaining a part of the project, thus ensuring its success.”

One party Mr Roberts did not mention was Baha Mar developer Sarkis Izmirlian who has invested $850m in the project.

Although it is not clear what Mr Izmirlian’s role will become, observers note that the receivership sidelines him, taking him out of the decision making process.

This would be a blow to him after he fought to keep control of his project when the resort filed for Chapter 11 bankruptcy protection in the United States in June, frequently butting heads with the Christie administration as their relationship deteriorated.

Up to press time yesterday, Baha Mar’s spokespersons said they were not authorised to speak about the receivership news.

Nonetheless, in a statement last week, the liquidators, Alastair Beveridge and Edmund Rahming, said they would work with the receivers to get Baha Mar open.

“Our role now is to work closely with Deloitte as the bank’s appointed receivers with a view to exploring and deciding on the most appropriate strategic option in order to see the resort completed and open for business,” the statement said.

Last month, the court appointed liquidators got approval from the Supreme Court to make 2,020 Baha Mar employees redundant. The liquidators, Bahamas-based KRyS Global and UK-based AlixPartners, said the layoffs were due to the financial insolvency of the $3.5 billion resort project that has been stalled since June 29.


Romrok 8 years, 5 months ago

"Lawyers, preachers, and politicians, can neva trust, any of dem!"

This man's preaching goes with the song...


Cobalt 8 years, 5 months ago

No man..... don't say that.

Yes, we have a lot of wicked preachers. But we also have some sincere ones too.


HarryWyckoff 8 years, 5 months ago

I don't believe there's such a thing as a preacher who's not wicked - their sole purpose is to get people to believe in a book of stories re-written by rulers over centuries purely to subjugate and oppress their people.


Reader 8 years, 5 months ago

Rom.1 [16] For I am not ashamed of the gospel of Christ: for it is the power of God unto salvation to every one that believeth; to the Jew first, and also to the Greek. [17] For therein is the righteousness of God revealed from faith to faith: as it is written, The just shall live by faith. [19] Because that which may be known of God is manifest in them; for God hath shewed it unto them. [20] For the invisible things of him from the creation of the world are clearly seen, being understood by the things that are made, even his eternal power and Godhead; so that they are without excuse:


The_Oracle 8 years, 5 months ago

Positive crap! Wait for the international fallout, not that the politicians care, they've already stolen their loot from the treasury and now Sarkis. Shameless thieves.


Bahamian_in_London 8 years, 5 months ago

Love how he just glosses over the fact that one of the largest investors ever in Bahamian history has had his $900m erased and past on to another sovereign state, thanks to the Government's opposition to Chapter 11 and their winding up order.

Though I have to give China credit - they managed to get that $900m contribution from Sarkis for free...

I wish someone from the Government can explain how unsecured Bahamian creditors, including the Government I might add, will be made whole - China Exim now control the development and do not have to pay anyone a single cent.

Christie is soon going to find out that he has been played by the Chinese as well.


ThisIsOurs 8 years, 5 months ago

Funny that they did all this elaborate dance to "protect our sovereignty". Lol, lol but not so lol


Well_mudda_take_sic 8 years, 5 months ago

Wow! They found an accountant Winder to put that Junior Justice Winder and his provisional liquidators in their place. That Christie-led PLP government sure knows how to stick it to our Supreme Court!! All hail the Wicked Witch!!!!


SP 8 years, 5 months ago

............................ Bradley Roberts married to Fred Smith? .....................................

http://tribune242.com/users/photos/20...">http://thetribune.media.clients.ellin..." alt="None">

by SP


banker 8 years, 5 months ago

Bahamian Jeopardy

What do Bradley Roberts and Bill Cosby have in common?


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