Categorized | National News

Baha Mar Liquidators Held Talks with Stakeholders

Edmund Rahming of KryS Global and Alastair Beveridge and Nick Cropper of AlixPartners, collectively the Joint Provisional Liquidators (JPLs) to the Baha Mar resort development, last week held constructive all party talks with the development’s key stakeholder groups.

Chaired by the JPLs last week’s talks brought together representatives from the government of the Commonwealth of the Bahamas, financial sponsors Export-Import Bank of China, construction company CCA Bahamas Ltd. and parent company, China State Construction Engineering Corp. Ltd., and the resort’s founder and Investor Sarkis Izmirlian.

Commenting on the talks on behalf of the JPLs, Alastair Beveridge said, “The talks this week are another important step on the road to resolution. We would like to thank all parties for their good faith participation in and constructive approach during the meetings.

“Whilst there is still work to be done, it is clear that all involved are focused on quickly reaching a viable solution to ensure that the Baha Mar resort is able to open for business for the benefit of all stakeholders, including the Bahamian people. We will continue to work with all stakeholders as we explore the best route forward and will issue further updates as talks continue.”

Last month, Justice Ian Winder ruled in the government’s favour and approved the appointment of joint provisional liquidators – KRys Global and AlixPartners Services UK – to oversee the affairs of the stalled $3.5 billion Baha Mar project.

In his ruling, Justice Winder explained that the powers of the provisional liquidators would be limited in effort to not only prevent dissipation of the company, but preserve the value of its assets as well.

Written by Jones Bahamas

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