“The ruling by The Supreme Court of The Bahamas–appointing a provisional liquidator with limited authority and scheduling the winding up petition two months from now– provides Baha Mar with further time to move forward with its efforts to resolve issues so that it can complete construction properly and open successfully as soon as possible.
“Today has been an important day for Baha Mar—one that gives us further confidence that we will succeed in our efforts. We are pleased that, in making its ruling, The Bahamian Supreme Court has made it quite clear that the present intention is to not have Baha Mar liquidated or its management replaced. In fact, the judge specifically wants to make sure that Baha Mar’s assets are preserved—which is a priority we all share.
“We are confident that Baha Mar will succeed and that the provisional liquidator will not only confirm that Baha Mar is not wasting assets but, that Baha Mar has designed the most expeditious path to move forward with the completion of the project, as Baha Mar has contended all along.
“With the distraction of this proceeding behind it, Baha Mar and its counterparties can focus on the tasks at hand, free form the uncertainty that the petition had caused.
“Baha Mar is 97% complete. The Chapter 11 process is underway. Baha Mar has developed a plan of reorganization under the Chapter 11 process. This plan is now before the U.S. Court. The plan is the best alternative. It is designed to enable Baha Mar to have a sound financial structure and to put Baha Mar in a position from which it can move forward to be completed properly and open. The plan effectively addresses Baha Mar’s creditor obligations, including paying in full all valid claims of Bahamian creditors and the Government of The Bahamas.
“We expect the provisional liquidator to work alongside us for the best interests of Baha Mar and The Bahamas.”
About Baha Mar
Baha Mar is set on 3,000 feet of white sandy beach just 10 minutes from Nassau’s fully renovated and expanded international airport. It will feature elite hotels with gaming, entertainment, private residences, shopping and natural attractions that reflect an authentic Bahamian experience. Amenities will include a Jack Nicklaus Signature golf course; 200,000 square feet of flexible convention facilities, including a 2,000-seat entertainment venue; art galleries featuring Bahamian art; more than 40 restaurants, bars and clubs; global luxury designer and local artisan boutiques; and 20 acres of exquisitely landscaped beach and pool experiences, including a beachfront sanctuary with native Bahamian flora and fauna. For more information during this process please visit www.bmpathforward.com.
Kekst and Company
Jeremy Fielding/Ross Lovern
+1 (212) 521-4806
PRESS RELEASE SOURCE: Baha Mar