More than 2,000 employees left jobless after Baha Mar ceased construction should start getting calls regarding payouts over the next two weeks according to the committee established to oversee payments.
In a new agreement laid out by Prime Minister Perry Christie almost two weeks ago, it was reveled that Bahamian and other unsecured creditors including the redundant workers would be reimbursed.
“Within the overall plan to remobilize the resort, the Bank has made available certain funds purchase and pay, whether in substantial part or in full, the claims as at 31 October 2015 from certain unsecured creditors of Baha mar companies, in particular the Bahamian creditors of Baha Mar companies, in particular the Bahamian creditors and the Bahamian employees who were made redundant last year,” it said.
“It is important to note that Baha Mar companies in provisional liquidation have no funds from which to pay creditors. The bank will shortly place on deposit in The Bahamas the funds for the work of the Committee.”
The committee headed by Christie administrator financial advisor James Smith notes that by September 30th, those workers would receive payments that include salaries, plus severance pay and other benefits.
The creditors, however, in order to receive their sums of money will have to fill out a claim form and submit it online at claimsspv.net.
“In parallel, the Committee invited the unsecured creditors of Baha Mar companies to submit their claims by completing the Claim Form downloaded from the website,” it said.
“The completed claims forms and supporting documents should be returned to the Commit by email opt through hard copies delivered to the Baha Mar office at Crystal Palace Casino entrance Cable Beach, Bahamas.”
The agreement the Bahamian Government struck back in late August revealed that the Export-Import Bank of China committed to funding the costs to finish the project and the resort’s general contractor, China Construction America (CCA) Bahamas, will complete outstanding work.
The prime minister said CCA would also resolve any outstanding claims with its suppliers and contractors.
The multi-billion dollar mega resort, which was originally slated to open in December 2014, filed for Chapter 11 bankruptcy protection in a US Bankruptcy Court on June 29, 2015.
The specifics of the new deal have been sealed by the Supreme Court.
