July 9, 2015
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PRIME Minister Dr Hubert Minnis said yesterday Cabinet is still in the process of “reviewing” the Baha Mar deal. Asked about the status of this aspect of national interest, Dr Minnis said: “We are still reviewing. We are still reviewing. And I want
PRIME Minister Perry Christie yesterday insisted that not only will Baha Mar open on time but the site will be turned over “sooner than planned” and more jobs will be created “much sooner than anticipated”.
While the deadline remains tight, Richard Coulson senses renewed optimism over the April opening of the Cable Beach luxury resort . . .
THE Baha Mar Claims Committee has issued about 200 cheques to Bahamian companies owed by the beleaguered resort, Committee Chairman James Smith said yesterday.
WHILE the announcement of a deal to remobilise Baha Mar may have eased some fears over the fate of the beleaguered property, it provides no comfort for scores of workers who are still employed at the shuttered resort.
IN a letter sent yesterday, Baha Mar developer Sarkis Izmirlian asked the president of the China Exim Bank to accept his offer to complete and open the stalled resort, promising to rehire Bahamian employees while ensuring that the bank does not accept a discount on its debt.
BAHA Mar’s former President Tom Dunlap has hit out at China Construction America (CCA), accusing the company’s Senior Vice President Daniel Liu of being a part of an organisation that gave little attention to Baha Mar.
BAHA Mar developer Sarkis Izmirlian should rethink his proposed plan to remove China Construction America (CCA) as the general contractor for the mega resort, a prominent analyst has suggested.
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.
PROGRESSIVE Liberal Party Chairman Bradley Roberts yesterday forecast that the stalled $3.5bn Baha Mar resort will still open before the end of the year despite the possibility of provisional liquidators being appointed at the property.
BAHA Mar is still unable to pay its expatriate workers despite securing nearly $15 million in debtor-in-possession (DIP) loans, according to the resort’s Senior Vice-President Robert Sands.
BAHAMAS Real Estate Association President Carla Sweeting said she is “very concerned” about what will happen to Bahamian landlords if Baha Mar expatriates are forced to leave the country.
A SUPREME Court judge yesterday granted leave for Baha Mar attorneys to appeal his previous decision not to recognise the mega resort’s ongoing Chapter 11 bankruptcy proceedings in the Bahamas.
BAHA MAR issued a statement following the adjournment of the Supreme Court hearing on the government’s petition to wind up the resort on Friday, calling the application “misguided” with fatal flaws and the process “abusive, oppressive and in bad faith”.
THE government yesterday blamed Baha Mar’s refusal to provide a guarantee for additional lending as the only element that stood in the way of securing a deal for the completion of the $3.5bn mega resort after the Bahamas delegation left talks in Beijing empty-handed for a second time.
THE contractor hired to build Baha Mar has offered to invest $100m in the resort as the row over its stalled progress continues.
In statement released on Friday night, CCA Bahamas Limited, the construction manager and general contractor for the Baha Mar project, has said that it believes the resort can be finished for the winter season - if a swift resolution to the current impasse is reached.
IN documents filed in a US bankruptcy court yesterday, Baha Mar accused its general contractor China Construction America (CCA) of being “selfish” and using “litigation tactics” that can “punish and hurt” employees, brand partners, and other innocent third parties.
A PARTNER at one of the country’s leading financial firms yesterday said while Baha Mar’s court battle might be “protracted”, the Christie administration’s “reactionary” response to resort CEO Sarkis Izmirlian’s Chapter 11 bankruptcy filing in the US should be seen as a bid to protect this country’s interests.
Richard Coulson insists a Bahamian Chapter 11 procedure is the only way forward for Baha Mar.
Robert ‘Sandy’ Sands explains why Baha Mar sought protection in a foreign court
WE all have times when what seems to be one thing turns out, with a deeper understanding, to be something very different.
BAHA Mar yesterday urged officials participating in negotiations about the resort’s future to refrain from making public comments until the negotiations are complete.
BAHA MAR has accused China Construction America’s (CCA) on-site staff of allegedly trying to remove important documents and computers from the compound which are essential to the resort’s assessment of what remains of the construction process to allow for an opening date to be set.
PRIME Minister Perry Christie said yesterday he was optimistic that Baha Mar developers, China Construction America and the Export-Import Bank of China will reach a resolution on their issues allowing the $3.5b project to reach completion to hopefully get the property open for the winter tourist season in November.