Categorized | National News

Baha Mar Case Adjourned

After six months of a stalled project, the Supreme Court Magistrate Bernard Turner, granted petitioners a three-month adjournment to continue discussions to get the resort completed.

According to Attorney Wayne Munroe QC, petitioners applied for an adjournment to May, to permit progress to be made in the discussions with the banks, receivers and the joint provisional liquidators.

“The progress that was reported that the bank had agreed to mobilize to ensure that the conference, the IDB conference set for The Bahamas, to make sure that the convention centre is brought to completion to host it, and for the bank to mobilize generally to complete the resort,” explained Mr. Munroe.

“That would’ve been awaiting documentation and the relevant documentation as well as regulatory approval for that to take place,”

Baha Mar filed for bankruptcy in a Delaware court last June.

Since then, the multi-billion dollar resort project was placed in receivership and has dismissed over 2,000 of its employees.

Last October, the Supreme Court granted a request form the China Export –Import Bank to appoint Deloitte and Touche and one of the company’s partners from Hong Kong as receiver of the resort.

Late last year, President of Baha Mar Tom Dunlap resigned along with Sarkis Izmirlian and his father.

Around that time, the Export Import Bank of China said it is doing its best to safeguard the Baha Mar project’s assets.

The bank had also previously noted that there are some people with ulterior motives who have made what it called irresponsible remarks, which have subsequently affected the actions taken by their bank and the receivers.

China Exim Bank further stated that they have been actively working with relevant stakeholders to seek proper resolution of the issues that the project is facing, and has been monitoring close communication and contact with the Government of The Bahamas.

Recently, local and international parties have expressed interest in the development of the beleaguered resort.

Prime Minister Perry Christie said he remains unapologetically optimistic about the resort’s fate.

At last report, there were 350 employees who remain on the resort’s pay roll.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Written by Jones Bahamas

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