Local gains offset Erika cancellations for British Colonial
While major Nassau/Paradise Island hotel properties saw inevitable cancellations in recent days due to Tropical Storm Erika, one resort said it had gained some local business as a result.
Baha Mar’s $150m contractor wipe-out
Baha Mar yesterday formally promised to repay all debts owed to the Government and Bahamian creditors, while simultaneously threatening its contractor with the loss of its entire $150 million equity investment.
‘Majority’ of toxic BoB loans ‘high end homes’
Bahamas Resolve’s chairman yesterday revealed that “the majority” of bad loans transferred from Bank of the Bahamas related to “high-end homes” and condominiums, rather than commercial credit as initially thought.
Storm drives 50% Aquapure boost
Aquapure yesterday said it had seen a 50 per cent increase above normal business volumes due to consumers stocking up for Tropical Storm Erika, an experience repeated at other Bahamian retailers in recent days.
Airline fears Erika profits ‘wipe out’
A prominent Bahamian-owned airline yesterday expressed concern that Tropical Storm Erika could “wipe out” summer profits if it closes this nation’s airspace for two days.
Baha Mar receives more Gov’t-China communications
Baha Mar’s contractor was yesterday ordered by 3pm to produce potentially several hundred more documents disclosing its ‘legal strategy collaboration’ with the Bahamian government in relation to the $3.5 billion project dispute.
IAN FERGUSON: Take every precaution to manage stormy impacts
As the Bahamas awaits the arrival of Tropical Storm (or Hurricane) Erika, businesses small and large must look at the organisation - systems, processes and methods - required to mitigate serious damage to life and property, and ensure their continued economic viability.
Insurance concern on flooding claims
Bahamian insurers said yesterday they were bracing for flood-related claims from Tropical Storm Erika, with one executive telling Tribune Business his company was already being affected due to its operations in other Caribbean countries impacted by the storm.
Fears over NHI system ‘overload’
The combination of the National Health Insurance (NHI) scheme’s proposed Vital Benefits Package under the coupled with supplementary insurance products could overload the system and cause significant “negative reverberations” within the healthcare market, the Bahamas Insurance Association’s (BIA) deputy chairman warned yesterday.
Erika drives pre-storm ‘surge’ for insurance
Bahamian property and casualty insurers yesterday reported “a surge” in business volumes due to a last-minute rush to obtain coverage before Tropical Storm Erika strikes.
Baha Mar ‘sweetened’ Gov’t guarantee with equity stake on default
The Government was told it would gain an equity stake in the $3.5 billion project should Baha Mar default on its loan repayments and the Chinese ‘call in’ any sovereign guarantee made to resolve the current impasse.
Baha Mar files Chapter 11 'viable framework' reorganisation plan in Delaware
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.
Banks bid on $75m BEC future ‘bridge’
Banks are bidding to provide the Bahamas Electricity Corporation (BEC) and its proposed private sector manager with $75 million in short-term working capital that will allow them to move immediately on restructuring plans.
Second Treasury Note offer 43% oversubscribed
The Government’s second-ever Treasury Note offering was some 43 per cent oversubscribed, its financial adviser yesterday suggesting it will see “a fair reduction” in domestic borrowing costs.
Downgrades threaten ‘Bahamian lifestyle’
The Bahamian lifestyle “could be threatened” if this nation fails to turn the economy around and halt the cycle of repeated credit rating downgrades, a well-known financial analyst warned yesterday.
