Nassau, Bahamas - KRyS Global (Bahamas) and
AlixPartners, Joint Provisional Liquidators (JPLs) for the Baha Mar
resort, announced a short while ago that as of Wednesday 23rd
September, the resort’s principal construction
contractor, China Construction America (CCA) has returned to the site
for analysis and assessment of the work necessary to complete the
project.
The move is a
much-anticipated breakthrough in the stalled $3.5 billion resort project
following a nine-week hiatus since developer Baha Mar Ltd. filed for
Chapter 11 bankruptcy protection in the U.S. With one exception,
that filing was later dismissed by the Delaware courts and when the
Bahamian court appointed Bahamas-based KRyS Global and UK-based
AlixPartners as JPLs on September 4, the liquidators immediately engaged
in talks with CCA. The announcement was the result
of those talks.
Commenting on behalf of all the JPLs Alastair Beveridge of AlixPartners said:
“We’re delighted
to be working alongside CCA. Their role here is extremely important and
together we will now assess what needs to be done, and how long it will
take, in order to complete Baha
Mar such that it may open its doors to the public and introduce thousands of new visitors to The Bahamas.
“The work that we will now
jointly undertake will inform the next round of talks with all parties.
Those talks will take place in due course following the completion of
our assessment.”
In the
weeks since the joint provisional liquidators’ appointment on September
4, KRyS Global and AlixPartners have been working tirelessly, pouring
through documents and meeting with key stakeholders.
