Legislation
Bahamas – Baha Mar given stay of execution
By Phil - 9 September 2015
Baha Mar, the stalled casino resort in the Bahamas, has been given a two-month reprieve from liquidation from the Bahamian Supreme Court.
Whilst the government wanted immediate liquidation, the Justice Ian Winder of the Supreme Court decided to instead limit the liquidators’ remit and adjourn further proceedings until November 2.
Baha Mar Chairman Sarkis Izmirlian said: “This helps us move forward with our efforts to complete construction properly. Today has been an important day for Baha Mar, one that gives all of us further confidence that we will succeed in our efforts. The Bahamian Supreme Court has made it quite clear that, in making this ruling, its present intention is to not have Baha Mar liquidated or our management replaced. We are also pleased that the judge specifically stated that an objective is to make sure that Baha Mar’s assets are preserved—which is a priority we all share.
“We look forward to working with the provisional liquidator so they can conclude that we are taking all of the necessary steps to preserve the assets while, at the same time, developing the best, most efficient plan for moving forward,” he added.
Justice Winder ruled that liquidators would only be able to prevent depletion of the assets of the resort, which is 97 per cent complete and was supposed to open in December 2014.
It goes against the wishes of Prime Minister Perry Christie, who filed a winding-up petition against the casino at the end of June in hopes of having the bankrupt developer’s assets liquidated.
The $3.5bn global gaming destination resort in Nassau, The Bahamas, filed for bankruptcy at the start of July, just to ensure it does finally open. The doors to the Caribbean’s largest casino, a 100,000 square foot ‘masterpiece’ served by 2,200 guest rooms across four hotels; Baha Mar Casino & Hotel, Rosewood at Baha Mar, Grand Hyatt at Baha Mar and SLS LUX at Baha Mar, should have opened at the end of March.
Baha Mar has filed against China State Construction Engineering Corporation Limited in the English High Court in London (CSCEC), who it blames for the delays.
