SuperClubs Breezes owner yesterday said its own expansion and creation of up to 300 jobs would be further delayed by Baha Mar’s woes, adding of the latter: “It’s a tragedy for the Bahamian people.”
The Bahamas faces “at least” a 50 per cent chance of a sovereign credit rating downgrade within the next 90 days, after Standard & Poor’s (S&P) last night placed this nation on ‘negative creditwatch’ due to Baha Mar’s Chapter 11 filing.
The $80 million financing facility created by Sarkis Izmirlian to cover Baha Mar’s Chapter 11 operating expenses may have effectively been ‘killed at birth’ by the outcome of yesterday’s Supreme Court hearing, Tribune Business can reveal.
The Government was yesterday warned it would be setting “a dangerous precedent” if it stepped in to pay Baha Mar’s $7.337 million monthly wage bill, following yesterday’s Supreme Court hearing.
Baha Mar’s woes have resulted in a 20-30 per cent increase in rental unit vacancies in the nearby Cable Beach area, a well-known realtor told Tribune Business yesterday.
The Bahamas Fly Fishing Industry Association’s (BFFIA) president said yesterday that many persons were “sneaking through the backdoor” into the industry, warning that there was a growing trend of vacation owners converting their homes into fishing lodges.
THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is expecting to sign a Memorandum of Understanding (MoU) with its Cuban counterpart to advance trade between the two countries.
A multi-million dollar project just steps away from Baha Mar confirmed yesterday that its construction will continue, despite the neighbouring $3.5 billion Baha Mar resort project filing for Chapter 11 bankruptcy.
Baha Mar yesterday obtained Bankruptcy Court authorisation to pay almost $2 million in severance monies, with July 20 now seemingly set as the date that will determine the fate of several thousand employees.
Retail sales declines of between 20-30 per cent for the 2015 half-year are compounding an already-weak investment climate that will now be hit by Baha Mar’s travails, a well-known businessman warned yesterday.
The $3.5 billion Baha Mar project is unlikely to open before the next general election in 2017, the Democratic National Alliance’s (DNA) leader warned yesterday.
A leading realtor yesterday urged the Government to eliminate potential market “confusion” by reducing the Value-Added Tax (VAT) rate on conveyances to 5 per cent, thereby maintaining the existing tax split.
Baha Mar’s rush into bankruptcy protection will have a “substantial” negative impact on private sector confidence, a leading businessman yesterday warning that it would also further slash the Bahamas’ economic growth.
THE hotel union’s president yesterday said she was “deeply concerned” over the fate of more than 2,000 Baha Mar workers, adding that the developer’s pledge to pay salaries and benefits for the next three weeks was “little to no consolation”.
The Value-Added Tax (VAT) Education Task Force’s remit came to an end on Tuesday after achieving most of its mandate, one member saying: “The results speak for themselves.”