Senior vice president of external affairs at Baha Mar Robert Sands has commented on the reasons behind the resort developer’s application for voluntary bankruptcy, blaming repeated construction delays and the pressures of maintaining a huge payroll.
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The following is a statement by the Prime Minister of The Bahamas Perry Christie:

I note the statement that has been given today by Sarkis Izmirlian that he and the Baha Mar group remain committed to the pursuit of an early and definitive settlement of their outstanding differences with the lender and general contractor to the Baha Mar resort.

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LONDON /PRNewswire/ — Baha Mar Ltd., the developer of the planned Baha Mar resort in Nassau, The Bahamas, today commenced a claim in the English High Court against defendant China State Construction Engineering Corporation Limited (“CSCEC Ltd”), the parent of China Construction America, Inc.(“CCA”) which, in turn, is the parent of CCA (Bahamas) Ltd. (” CCA Bahamas”).

The claim asserts that, among other things, the defendant is liable in respect guarantee and performance obligations related to the construction of the project, and that Baha Mar Ltd. is entitled to and claims against the defendant a variety of financial remedies.

Baha Mar Ltd. is represented by a team from Kobre & Kim (UK) LLP led by Andrew Stafford QC.

The governments of The Bahamas and Indonesia last week signed a tax information exchange agreement, bringing the total number of such agreements for The Bahamas to 33.
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NASSAU, Bahamas /PRNewswire/ — Sarkis Izmirlian, Chairman and Chief Executive Officer of Baha Mar Ltd., the developer of the Baha Mar resort, today announced that, in order to complete construction and open Baha Mar as soon as practicable, Baha Mar Ltd., and entities associated with it, are voluntarily undertaking the process of Chapter 11 under the U.S. Bankruptcy Code.

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The Mediterranean Shipping Company is set to invest $250 million into the Freeport Container Port, creating 600 direct and indirect jobs, according to MSC officials.
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The Ministry of Tourism is rolling out summer promotional campaigns in European cities in an effort to capture a slice of the market in that region. Watch an interview with Anthony Stuart here.
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LOS ANGELES – Foreign direct investment has never been more important in catalyzing growth, whether in the developed or developing world.

Although equity markets around the world have largely recovered since the financial crisis, global capital flows have contracted sharply.

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Biscayne Capital obtaining a Bahamas registration for dealing in securities and the Bahamas Financial Services Board’s trip to Mexico top the business news this week on ZNS Network news.
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Bahamas Landfall: Destination Mexico brought together approximately 50 attendees comprising lawyers, accountants and intermediaries.

The event was hosted June 17, at the Four Seasons Hotel, Mexico City. On the day prior BFSB, the Ministry of Financial Services, and sponsor firms participated in a panel presentation during the Private Wealth Mexico City Forum addressing more than 300 delegates.

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