The stalled project of the Baha Mar Resort may soon begin again as several groups met yesterday to begin negotiations to complete the construction of the facility. Meeting at the capital, the negotiations included the government, joint provisional liquidators (court-appointed) and the three major stakeholders.
The government side is being led by Attorney General Allyson Maynard-Gibson, based on information provided by Prime Minister Perry Christie. Christie announced the negotiations during a press conference, yet did not provide any details of the actual negotiations. Based on news reports, sources close to the issue have confirmed that resort executives, the China Construction America (CCA) general contractor, and officials from the Export Import Bank of China (EXIM), the major lender of the project, were all in attendance.
The round of negotiations comes at a time that is over two months from when the mediation began in China with Maynard-Gibson at the helm. The July talks failed, with the attorney general eventually seeking the assistance of the Supreme Court after a stalemate was reached.
On September 4th, the court appointed AlixPartner Services UK and KRyS Global as joint provisional liquidators in the matter. It was reported that back in July, Baha Mar was offered additional financing of $300 million to finish the project by EXIM Bank. This deal was not accepted as the parties involved were not able to come to an agreement on certain details. In mid-September a U.S. judge dismissed bankruptcy proceedings by Baha Mar all companies on the provisional liquidator’s list.
On September 28th, Christie met with Sarkis Izmirlian, the developer of the resort. Christie had previously met with two additional stakeholders the week before. He also met with the Chairman of the CSCEC, the CCA parent company and spoke with the Export Import Bank of China’s president on the matter.
Izmirlian issued a press release after meeting with the prime minister, stating that he could not be “the only hand clapping” in the negotiations to complete and open the resort. Izmirlian stated the importance to Christie of resolving the issues in a timely manner and issued his concerns over the liquidation process as it continues. The Baha Mar Resort continues to miss important opening dates, first in December of 2014, then in March of 2015.