The major players in the Baha Mar bankruptcy saga were back in court yesterday in an attempt to resolve their differences in order to complete construction on the multi-billion dollar resort project.
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Etienne Dupuch Jr Publications is pleased to announce the release of the July-December issue of The Bahamas Investor magazine.

A primary resource of business and finance news and information, the full-colour 132-page publication is essential reading for anyone looking to live, work or invest in The Bahamas.

The maritime industry, which has been a driving force in the Bahamian economy for centuries and is the subject of this issue’s cover story, is looking to diversify and grow its income. Already the fifth largest ship registry in the world, The Bahamas is looking to explore synergy in financial services, residential sales and tourism.

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CCA Bahamas Ltd, a wholly owned indirect subsidiary of China State Construction Engineering Corporation Ltd (CSCEC) and the general contractor for the $3.5 billion Baha Mar resort project, has issued the following statement regarding the recent decision made by Baha Mar Ltd, the developer of the Baha Mar resort, to file for bankruptcy protection in the United States Bankruptcy Court for the District of Delaware:

“Baha Mar Ltd’s decision to file for bankruptcy protection is the direct result of its failure to secure adequate financing and its mismanagement of the design of Baha Mar resort project. This mismanagement includes replacing the principal architect after construction had commenced, the late and incomplete delivery of design packages and over 1,300 Construction Change Directives.”

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Here follows a statement by the Ministry of Finance following Standard & Poor’s decision to review the sovereign ratings update for The Bahamas in light of the Baha Mar bankruptcy protection filing:

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NASSAU, Bahamas, July 2, 2015 /PRNewswire/ — Baha Mar [Thursday] stated that it is extremely concerned and disappointed that the Supreme Court of the Commonwealth of The Bahamas has decided to adjourn untilTuesday July 7th the hearing of Baha Mar’s application for recognition of the U.S. bankruptcy proceedings. The adjournment by the Bahamian Supreme Court was granted at the joint request of the office of The Attorney General of The Bahamas and The Export-Import Bank of China, the project’s lender.

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Here follows a statement by the Office of the Attorney General dated July 2 regarding the decision by megaresort developer Baha Mar Ltd to file for Chapter 11 Bankruptcy in the US:

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Statement by Minister of Foreign Affairs Fred Mitchell, July 1, 2015:

The Bahamas welcomes today’s announcement that Cuba and the United States will re-engage with full diplomatic ties by 20th July. This is a positive step for the region. It is good for the hemisphere.

We congratulate the two countries and their leaders for making the steps toward this rapprochement.

We look forward to our continued good relations with both states in the months and years to come.

Baha Mar Ltd has moved forward with its Chapter 11 process, receiving court approval for, among other key initiatives, the continued payment of salaries and benefits, payment of ordinary course suppliers and vendors for any post-petition claims, and the operation of certain customer loyalty and other programmes.

To enable Baha Mar to undertake these initiatives, the court approved the interim Debtor in Possession (DIP) financing arranged by Sarkis Izmirlian, Baha Mar’s developer. Specifically, the total DIP facility is up to $80 million of which up to $30 million will be utilized by Baha Mar over the next 30 days.

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Yesterday, without notice, Baha Mar filed a bankruptcy Chapter 11 petition in Delaware USA. This action was taken at a point when my personal intervention over several months with all three parties involved, led to substantial agreement on a packaged solution for additional funding by China Export Import Bank, the resumption of construction work by the general contractor, and the project completion. This is supported by exchange of correspondence as recently as June 26.

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The Ministry of Finance financial secretary John Rolle released a public statement regarding several revenue reforms approved by Parliament during the 2015/2016 Budget Debate.

These mainly affect the revenue collections that fall under Ministry of Finance agencies and include Customs Duties and Excise Taxes, Stamp Taxes, Value Added Tax (VAT), Real Property Taxes and Business Licenses.

Download a PDF of the statement here.