NASSAU, Bahamas, Sept. 4, 2015 /PRNewswire/ -- Baha Mar today
stated:
"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.
Media Contact
Kekst and Company
Jeremy Fielding/Ross
Lovern
Bahamar@Kekst.com
+1 (212) 521-4806
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SOURCE Baha Mar