The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Prime Minister Perry Christie last week summoned Bahamian contractors to a meeting at his office to urge them “not to mind the noise in the marketplace” about Baha Mar creditor compensation.

Larry Treco, president of CGT Contractors & Developers, who was present at the meeting, acknowledged that Bahamian contractors met with Mr Christie at the Prime Minister’s Office on Thursday.

He told Tribune Business: “When we met he wanted to reassure us about what he said, and not to mind the noise in the marketplace. I think we all left there very optimistic  that this would happen.

    “We really have to just wait and see how this all plays out.  The Prime Minister said it’s going to happen, so we have to take him at his word and wait to see how it develops. We all hope that it does. He says that things should be happening next month, so I guess we will see how that comes out.”

A collective $74 million was said to be owed to some 123 Bahamian contractors when Baha Mar was placed into Chapter 11 bankruptcy protection in June 2015.

Mr Christie last week announced the agreement with the China Export-Import Bank to complete Baha Mar, with construction on the stalled $3.5 billion project expected to resume next month.

He said Bahamian creditors will receive “a significant part, and possibly all” of the monies owed to them during a televised announcement last Monday evening at the Cabinet Office.

Mr Christie said many of the Bahamian contractors and companies previously contracted to work on Baha Mar will likely be re-hired to help complete the project, with China Construction America (CCA) to resolve all monies outstanding to its suppliers and sub-contractors.