The provisional liquidators who the Bahamas Supreme Court appointed
to oversee the stalled Baha Mar resort project said last week that negotiations
between the project’s developer, lender and primary contractor as well as the
Bahamas government have been “constructive.”
The appointees, KryS Global’s Edmund Rahming and Aliz
Partners’ Alastair Beveridge, didn’t provide specifics on any financial
dealings or an estimated opening date.
“We would like to thank all parties for their good-faith
participation in and constructive approach during the meetings,” Beveridge said
in the statement. “Whilst there is still work to be done, it is clear that all
involved are focused on quickly reaching a viable solution to ensure that the Baha Mar resort is able to open for
business for the benefit of all stakeholders, including the Bahamian people.”
Construction delays led developer Baha Mar Ltd. to file for
bankruptcy in late June so that it could protect its assets and complete the
resort, which the developer says is 97% built. Since then, talks between the
developer, lender, contractor and Bahamian government have been contentious,
and the U.S. Bankruptcy Court in Delaware threw out the case last month.