From:TheBahamasWeekly.com
Baha Mar Comments On Bahamian Supreme Court Ruling
By PRNewswire
Jul 22, 2015 - 11:01:21 PM
NASSAU, Bahamas, July 22, 2015 -- Baha Mar Ltd. issued the following statement with regard to the Bahamian Supreme Court ruling:
We respect Justice Winder's
ruling and look forward to understanding his reasoning, but we are
nonetheless disappointed by the result. We are even more disappointed in
the way the Government has responded to our Chapter 11 filing over the
past several weeks. We hope the Government will stand by its word to be
an impartial mediator in our efforts to protect our investment and bring
the project to completion. 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. We note that the stay granted
by the U.S. Bankruptcy Court remains in effect, and takes on increased
importance in light of this ruling, as all parties must still address
that prohibition on the exercise of remedies. Nonetheless, we are
continuing to do everything we can through direct discussions with the
relevant constituencies and stakeholders to ensure the survival of Baha
Mar. We reiterate what we told the Court. We are making progress toward
reaching a consensual resolution. If all the parties are willing, this
resolution can happen. For the sake of all concerned, not least our
employees, it must happen.
Bahamas Supreme Court Denies Baha Mar’s Chapter 11 Bankruptcy Recognition Petition
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