Baha Mar, the developer of a $3.5bn casino resort in the Bahamas, has been knocked back in its quest to file for Chapter 11 bankruptcy with a Supreme Court refusing to accept the filing.
A bankruptcy filing would have stopped creditors from taking action against the yet to open casino. Supreme Court Justice Ian Winder refused the filing last week, saying that Baha Mar’s recent US Chapter 11 filing will not be extended to the Bahamas. The casino and the 2,000 room hotel is 97 per cent complete. It would employ around 5,000 people. Prime Minister Perry Christie described the project’s completion as being a matter of national importance.
Baha Mar said: “We do not believe today’s ruling, for which the government strenuously argued, assures the necessary protection of the assets of Baha Mar, and we do not believe that it is best for the over 2,500 current employees of Baha Mar.”
Local developer, Sarkis Izmirlian, and contractor China Construction America (CCA), have blamed each other for the delayed opening.
Baha Mar is now looking to renegotiate with China’s export import bank, which funded most of the development with a $2.45bn loan.