Baha Mar Liquidators Claim 'Breakthrough' as Contractors Return to the Site
Photo by Brian Major
In what they called a “breakthrough” in the $3.5 billion Baha Mar impasse, the resort’s contractor returned to the construction site this week for “analysis and assessment” of work required to complete the project, said joint provisional liquidators assigned to administer the stalled development.
China Construction America (CCA) officials visited the site Wednesday according to a statement from AlixPartners and KRyS Global, liquidators assigned by the Bahamas Supreme Court to administer the Baha Mar project.
“We’re delighted to be working alongside CCA,” said Alastair Beveridge of Alix Partners. “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.”
He added, “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.”
CCA’s return to the project can’t please Sarkis Izmirlian, Baha Mar’s CEO, whose Chapter 11 bankruptcy filing in a Delaware court was dismissed earlier this month. In the bankruptcy filing, Izmirlian has called for CCA to be removed from the project and replaced with Bahamian contractors.
In fact, the issues that led to the resort’s missed December opening began with disagreements between Izmirlian’s Baha Mar Ltd. and CCA over missed deadlines, overdue payments for completed work and quality of work.
The liquidator’s statement follows talks this week between executives, CCA and Bahamas Prime Minister Perry Christie in New York. Christie told Bahamas media he was reassured by CCA’s chairman of “his full cooperation to ensure (Baha Mar’s) completion and opening.”
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