September 4, 2015—Baha Mar today stated:
“The ruling by The Supreme Court of The
Bahamas--appointing a provisional liquidator with limited authority and
scheduling the winding up petition two months from now-- provides Baha Mar with further time to move forward with its efforts
to resolve issues so that it can complete construction properly and open successfully as soon as possible.
“Today has been an important day for Baha Mar—one
that gives us further confidence that we will succeed in our efforts.
We are pleased that, in making its ruling, The Bahamian Supreme Court
has made it quite clear that the present intention
is to not have Baha Mar liquidated or its management replaced. In
fact, the judge specifically wants to make sure that Baha Mar’s assets
are preserved—which is a priority we all share.
“We are confident that Baha Mar will succeed and
that the provisional liquidator will not only confirm that Baha Mar is
not wasting assets but, that Baha Mar has designed the most expeditious
path to move forward with the completion of
the project, as Baha Mar has contended all along.
“With the distraction of this proceeding behind it,
Baha Mar and it counterparties can focus on the tasks at hand, free
form the uncertainty that the petition had caused.
“Baha Mar is 97% complete. The Chapter 11 process
is underway. Baha Mar has developed a plan of reorganization under the
Chapter 11 process. This plan is now before the U.S. Court. The plan
is the best alternative. It is designed to
enable Baha Mar to have a sound financial structure and to put Baha Mar
in a position from which it can move forward to be completed properly
and open. The plan effectively addresses Baha Mar’s creditor
obligations, including paying in full all valid claims
of Bahamian creditors and the Government of The Bahamas.
“We expect the provisional liquidator to work alongside us for the best interests of Baha Mar and The Bahamas”
About Baha Mar
Baha Mar is set on 3,000 feet of white sandy beach just 10 minutes from
Nassau's fully renovated and expanded international airport. It will
feature elite hotels with gaming, entertainment, private residences,
shopping and natural attractions that reflect
an authentic Bahamian experience. Amenities will include a Jack
Nicklaus Signature golf course; 200,000 square feet of flexible
convention facilities, including a 2,000-seat entertainment venue; art
galleries featuring Bahamian art; more than 40 restaurants,
bars and clubs; global luxury designer and local artisan boutiques; and
20 acres of exquisitely landscaped beach and pool experiences,
including a beachfront sanctuary with native Bahamian flora and fauna.
For more information during this process please visit
www.bmpathforward.com.
For the Supreme Court Justice Ian Winder's Judgment On Appointment And Powers On Joint Provisional Liquidators click document below to open and view: