Friday, November 13, 2015
By KHRISNA VIRGIL
Tribune Staff Reporter
kvirgil@tribunemedia.net
PRIME Minister Perry Christie said on Friday that he was “impressed” with the names of the many investors who are in talks with the Export Import Bank of China over the $3.5bn Baha Mar resort.
Mr Christie said while the government waits to see what will take place he has some very clear concerns over how soon the construction will begin and that Bahamian contractors who are owed significant sums of money are paid on a “dollar per dollar basis”.
He added that the government also hopes to have those who were made redundant re-hired when the resort opens.
While he declined to say on the record when he hoped the construction will begin, Mr Christie said he ultimately just wants work to start as quickly as possible.
“I met with the receiver managers and the provisional liquidators yesterday evening to discuss this matter,” Mr Christie said after making remarks at the third annual National Data Protection Symposium.
“I indicated to them I had written a very comprehensive letter to the China Export Import Bank. I am advised that this morning I have a reply. I am going into the office now to receive that reply but the important point is this they were to put out a statement to the effect that they are talking to many persons including (Sir) Sol Kerzner’s group. They are talking to people who can bring great excitement to this destination.
“I am very impressed with the names of the operations (and) the names of the individuals who are talking with them and they include also huge Chinese operators.”
He continued: “So again my concern has been very clear. One, that construction resumes as quickly as possible (and) I impressed that upon them yesterday. Two, that there is no compromise on paying the Bahamian contractors who are owed significant sums of money on a dollar per dollar basis (and) three on the employment I offered to them.
"If we are able to be certain when construction resumes the government of the Bahamas, on the basis that we would be able to be reimbursed in part or in whole, would then move to be able to cause the people who are unemployed to be employed.”
On Monday, The Tribune reported that a deal in principal had been struck for the stalled Cable Beach resort between Island Capital Group LLC, a private real estate merchant bank led by Andrew Farkas and partnered by hotel magnate Sol Kerzner, the China Export-Import Bank and China State Construction Engineering Corporation Ltd.
The Tribune understands that representatives from Island Capital Group have been in Beijing working out the details of the agreement, which is awaiting final approval. The final aim is reportedly to analyse the debts, contracts and other financing needs in a bid to make the resort ready for its long-delayed grand opening over the next six to nine months.
This will ultimately lead to the two billionaire investors being exclusively responsible for the restructuring, financing, completion, opening and operating of the beleaguered $3.5 billion resort on Cable Beach, The Tribune understands.
Baha Mar filed for Chapter 11 bankruptcy protection in a US Bankruptcy Court for 15 of its companies on June 29.
However, in September, a US judge threw out the Chapter 11 cases for Baha Mar’s Bahamian companies.
On September 4, Edmund Rahming of KRyS Global, Mark Nicholas Cropper and Alastair Beveridge of AlixPartners Services UK were appointed as joint provisional liquidators and given the task of overseeing the company. In October, they received approval from the Supreme Court to make 2,020 Baha Mar employees redundant due to the resort’s insolvency.
On October 30, the Export Import Bank of China, Baha Mar’s secured creditor via its $2.45 billion mortgage debenture, obtained Supreme Court approval to appoint the Deloitte & Touche accounting firm as receivers for the troubled project.
Raymond Winder, the firm’s Bahamas managing partner, and two colleagues from Deloitte’s Beijing office, have been selected as receivers for the mega resort.
The resort was originally scheduled to open in December 2014.
Comments
Well_mudda_take_sic says...
Oh my.....he's impressed by names!
Posted 13 November 2015, 8:18 p.m. Suggest removal
Franklyn says...
this all sounds well and good, and as one of the persons owed monies by Sarkis Izmirlian and BahaMar I find it necessary to ask the Prime Minister to consider his priorities in this issue and make an adjustment to the order of his concerns:
One, that there is no compromise on paying the Bahamian contractors who are owed significant sums of money on a dollar per dollar basis. (and that the building will sit where it is, as it is until Bahamians are paid) Two, that construction resumes as quickly as possible. (and) three, on the employment I offered to them.
I am sure if former Prime Minister Mr Hubert Alexander Ingraham was Prime Minister of The Bahamas today, this would be his position - putting Bahamians first.
http://tribune242.com/users/photos/2015…
http://tribune242.com/users/photos/2015…
Posted 13 November 2015, 8:35 p.m. Suggest removal
Well_mudda_take_sic says...
Be careful the monster you wish for.....there's very little difference between Christie and Ingraham..... unfortunately, there are too few of us who realise and appreciate this simple fact!
Posted 13 November 2015, 8:52 p.m. Suggest removal
Franklyn says...
idiot ...where is no comparison.
Posted 13 November 2015, 9:20 p.m. Suggest removal
banker says...
co-sign The Right Honourable Hubert Alexander Ingraham is an honourable man.
Posted 14 November 2015, 10:37 a.m. Suggest removal
JohnBuchanan says...
It is incredible how clueless Christie is. The simple reason why so many major players are circling like rabid sharks is that whoever gets the deal and becomes new owner will have gotten a $3.5 billion resort that is almost completed for pennies on the dollar -- the deal of the century in the hotel business. And no matter what he says, there is no way the government can force the new owners to pay all the Bahamian contractors in full or guarantee employee salaries in a rehire until the place opens. That is sad, but true. China holds all the cards now, and they are relentless in business. Christie should just keep his mouth shut and hope for the best. That's all he can do. And no one knows what Izmirlian will do next. I find it hard to believe he will just surrender. My guess is the new buyer will throw him some table scraps in significantly reduced equity so Daddy's entire $900 million investment is not lost. But I could be wrong. The Chinese have plenty of justifiable reason to tell him to take a hike.
Posted 14 November 2015, 1:14 a.m. Suggest removal
killemwitdakno says...
You take a hike Chinese subordinate. They're getting some monies upfront , with the most popular Bahamian hotelier, which is the same track they're aiming for with more luxury, that's a good deal. You want to break into NY real estate , you get Trump. He's the Bahamain tourism Trump, with an international chain to match, Dubai and Africa.
They just need to COMMIT to renovating Bay Street and they'll have him representing their business , one of the first to greatly succeed in the region.
Posted 14 November 2015, 6:19 a.m. Suggest removal
killemwitdakno says...
Change the Baha Mar name, only Asians understand that. It's odd as hell to the western ear and tongue.
Posted 14 November 2015, 6:21 a.m. Suggest removal
BaronInvest says...
"Mar" is actually spanish and means sea. So when i came here the first time the hotel translated for me as "Bahamian Sea" - i'm german. It makes perfectly sense as the Theme for the hotel is to bring the mediterranean riviera to the Bahamas - very smart concept, as it attracts anyone who has been to Monaco, St. Tropez, Costa Del Sol - which is usually a very high-paying european tourist.
Posted 14 November 2015, 9:31 a.m. Suggest removal
marrcus says...
Baha Mar = shallow sea.
Posted 14 November 2015, 11:26 a.m. Suggest removal
Franklyn says...
killemwitdakno is the typical product of the Willie Lynch philosophy
Posted 14 November 2015, 12:11 p.m. Suggest removal
lionfish says...
The name Baha Mar has nothing to do with 'Asians.' The term Baha Mar is part of our history. google it.
The name "Bahamas" comes from the Spanish baja mar meaning shallow sea, and is an archipelago of over 700 islands stretching over 258,998 square km in the western Atlantic Ocean.
Posted 14 November 2015, 6:53 p.m. Suggest removal
killemwitdakno says...
Who doesn't know that? The pornounciation in today's world sounds Asian , maybe Arab. The two don't flow together. Additionally it sounds like a mispronouciation of Bahama to persons who already speak another language.
Needs Rebranding from this mess anyway. What's the second half to the Atlantis story?
How about Emerald City, the epic continues : )
Posted 14 November 2015, 11:39 p.m. Suggest removal
killemwitdakno says...
http://tribune242.com/users/photos/2015…
Posted 14 November 2015, 11:26 p.m. Suggest removal
killemwitdakno says...
Throw in free imports on Chinese products to be taxed as exports headed to the states. (Bahamains and Carmichael detainees employed in the warehouses of course )
Posted 14 November 2015, 6:29 a.m. Suggest removal
Emac says...
Someone has been smoking weed before commenting here I see.
Posted 14 November 2015, 7:38 a.m. Suggest removal
BaronInvest says...
So you didn't get the monthly PLP-Weedbox for voting them ?
Posted 14 November 2015, 9:32 a.m. Suggest removal
Emac says...
Nah cause I heard ya gatta bend down first before they give you a joint.
Posted 14 November 2015, 8:51 p.m. Suggest removal
banker says...
http://tribune242.com/users/photos/2015…
Posted 14 November 2015, 10:38 a.m. Suggest removal
asiseeit says...
The Bahamian people will be impressed when they get some REAL leadership, idiot!
Posted 14 November 2015, 12:44 p.m. Suggest removal
Emac says...
I would be impressed if this crumple up face man and his clowny followers resign.
Posted 14 November 2015, 1:34 p.m. Suggest removal
BMW says...
He looks less than intelligent in the lead pic. And by gosh its true. Wish the country could wake up tomorrow and this crew was gone and sensible buisness people were running the place.
Posted 15 November 2015, 3:18 p.m. Suggest removal
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