June 12, 2021

Chinese fast-tracking megaresort sale, says Bahamas PM

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baha_mar11By Krystel Rolle-Brown Nassau Guardian Staff Reporter From Caribbean News Now

NASSAU, Bahamas — Bahamas Prime Minister Perry Christie on Friday revealed that the China Export-Import (EXIM) Bank is fast-tracking its process to find a buyer for the troubled multibillion dollar Baha Mar megaresort property, which has been mostly shuttered for more than nine months.

“I’m expecting discussions with the bank and the construction company for next week,” he told reporters.

“I had a farewell visit with the ambassador for China, we had some positions that we gave to him and that we felt like the government of China can assist us with.

perry_christie26“The idea is to still try and get construction to resume. What is clear to me is that they are going through a process of identifying a buyer and they are fast [tracking] that.

“We have had visitations from potential buyers who have come in and asked whether the government can give the same concessions and so we have been kept aware of what’s taken place.”

Although there has been limited movement on the project since Baha Mar filed for bankruptcy in the United States on June 29, the resort’s convention centre will be used for hosting the upcoming Inter-American Development Bank (IDB) general meeting later this month.

The substantive bankruptcy claim in the US has since been dismissed.

Last year, a local Supreme Court judge approved a request from EXIM bank to send Baha Mar into receivership.

In October, court appointed joint provisional liquidators gained approval from the Supreme Court to implement a redundancy plan.

More than 2,000 employees were laid off as a result.

Christie noted that there is still more work to do with Baha Mar but added that there are other significant projects that are ongoing.

“So Baha Mar is a work in progress as we try to now begin to implement the long held promise of economic development,” Christie said.

“And so we know that developments are taking place in Bimini, in Abaco, in Eleuthera and Exuma and these are matters that, we’ve reached the stage now where you will find we begin to see a spade going into the ground and so that’s where we are now. It took a long time to reach this point.”

Christie said he hopes there is movement on the Baha Mar project soon.

Prime Minister Perry Christie
Baha Mar megaresort

For more on this story go to: http://www.caribbeannewsnow.com/topstory-Chinese-fast-tracking-megaresort-sale,-says-Bahamas-PM-29877.html

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