Tribune 242 is reporting that The Bahamas' Prime Minister Perry Christie announced Monday night that the government and the Export Import (EXIM) Bank of China have entered into an agreement to have Baha Mar, an estimated $3.5 billion resort development, completed and sold to a “world-class hotel and casino operator.” Construction is expected to resume in September, according to the report.
Around this time last year, Baha Mar announced that its affiliated entities that commenced Chapter 11 cases before the United States Bankruptcy Court for the District of Delaware had filed a Chapter 11 Plan of Reorganization with the Bankruptcy Court.
According to the Tribune 242 report, the EXIM Bank has committed to funding the costs to finish the project and the resort’s general contractor, China Construction America (CCA) Bahamas, will complete the outstanding work. According to the Tribune 242 report, Christie said CCA will also resolve outstanding claims with its suppliers and contractors.
He also said thousands of former Baha Mar employees will receive outstanding amounts due to them including unpaid salaries, severance pay, accrued vacation pay and notice of payment due to termination, according to Tribune 242.