Baha Mar announced that its affiliated entities that commenced chapter 11 cases before the United States Bankruptcy Court for the District of Delaware on June 29 have filed a Chapter 11 Plan of Reorganization with the Bankruptcy Court.
"The filing of the chapter 11 plan is an important step in Baha Mar's restructuring efforts," stated Baha Mar representatives in a written release. "The plan presents a viable framework for Baha Mar's emergence from Chapter 11 and the expeditious resumption and completion of the construction of Baha Mar. Most notably, the plan provides that valid claims of Bahamian creditors and the Government of the Bahamas will be unaffected by the Chapter 11 and, upon implementation of the plan, would be paid in the ordinary course of business.
"Baha Mar's priority is to complete the resort's construction properly and open successfully as soon as possible," continued the statement. "The plan is structured to enable Baha Mar to achieve this objective. Once completed, Baha Mar is projected to generate nearly 5000 new jobs in The Bahamas and have an annual payroll in excess of $130 million, representing nearly 12 percent of the GDP (Gross Domestic Product) of The Bahamas."