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Baha Mar Ltd. Sues Construction CompanyJune 30, 2015 By: Newswire
|Baha Mar Ltd. announced Tuesday it has filed a claim in English High Court against China State Construction Engineering Corporation Limited.|
Just one day after Baha Mar Ltd., and entities associated with it, announced it was voluntarily undertaking the process of Chapter 11 under the U.S. Bankruptcy Code, the company filed a claim in English High Court against China State Construction Engineering Corporation Limited.
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. declined to comment to Travel Agent on this story.
This latest development in the Baha Mar saga comes one day after Sarkis Izmirlian, chairman and CEO of Baha Mar Ltd., the developer of the Baha Mar resort, 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.
The Meliá Nassau Beach resort will continue to operate normally during the Chapter 11, the company said in a statement announcing the decision.
"The Board of Directors has determined that due to the financial consequences of the repeated delays by the general contractor, and the resulting loss of revenue, the Chapter 11 process is the best path to provide the time to put in place a viable capital structure and working relationships to complete construction and successfully open Baha Mar," Baha Mar Ltd. said in a statement. "The voluntary Chapter 11 filing has been made in the U.S. Bankruptcy Court for the District of Delaware. Baha Mar Ltd. will be filing an application in the Supreme Court of The Commonwealth of the Bahamas seeking approval of the U.S. court orders."
Izmirlian has agreed to arrange the funding for the Debtor-in-Possession (DIP) financing facility. This financing will, among other things, enable Baha Mar to operate and meet its financial obligations in the interim during the Chapter 11 process. 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.
“I am committed to doing all I realistically can to move Baha Mar forward to be completed and opened successfully," said Izmirlian in a written release. "I am confident that, once opened, Baha Mar will be a world-class destination resort that will attract guests from around the world and serve as a key economic sparkplug to The Bahamas. The Chapter 11 process provides the appropriate venue to create a viable financial structure that places Baha Mar’s interests foremost.”
Baha Mar, a $3.5 billion integrated gaming and luxury resort in Nassau, The Bahamas, was orignally set to open March 27. That opening date was pushed back in late March, and again in mid-May.
When complete, plans call for 2,200 luxury guest rooms across four hotels – in addition to its namesake, the Baha Mar Casino & Hotel, the resort also includes Rosewood at Baha Mar, Grand Hyatt at Baha Mar and SLS LUX at Baha Mar.
Baha Mar has created a new website at www.bmpathforward.com that will provide resources for the resort's stakeholders and the latest updates on the bankruptcy process.
Keep visiting www.travelagentcentral.com for more updates on this developing story.