A Bahamian court has declined to recognize the U.S. bankruptcy filing by Baha Mar Ltd, the developer of a $3.5 billion mega resort. This decision is just the latest bump in the road for the nearly completed Baha Mar resort.
Baha Mar Ltd was disappointed by the ruling, believing this is not in the best interests of the company or the 2,500 current employees. Baha Mar Ltd is trying to renegotiate with China’s export import bank, which bankrolled most of the project with a $2.45 billion loan.
The Bahamian government on the other hand, has asked a local court to appoint liquidators for Baha Mar, which is 97 percent complete and will feature a casino and more than 2,000 hotel rooms. Prime Minister Christie called completion of the project a matter of national importance and has said it could be finished more quickly through a liquidation process in the Bahamas. Once completed, the resort would employ more than 5,000 people in the Bahamas, a much needed boost to the economy.