It will be interesting to see how Christie responds to this. It will be very difficult for him to not support this deal given CCA is being replace by Bahamian contractors. If they do not support this, it will be completely clear they are in bed with the Chinese, at the expense of their own country.
Foreign investor puts $900m of his own money into Bahamas. Employs 2,500+ Bahamians. Can't get the resort finished because the Chinese contractor refuses to their work. Loses confidence in the Contractor as them not performing means the resort doesn't open and China ExIm owns the development. Wants to get rid of the contractor and put more money into the business, but needs protection before doing so, so files for Chapter 11. Bahamian Government do everything they can to help the Chinese that employ zero Bahamians. But no, I'm sure no foreign investors will mind at all and will be lining up to put money into the Bahamas....
"And, in a comprehensive victory for Baha Mar’s Chinese partners and the Government, Justice Winder also dismissed a Baha Mar application that would have allowed it to use to the $80 million ‘working capital’ facility lined up by its principal, Sarkis Izmirlian."
I would like someone to explain why preventing Sarkis from putting another $80m into this project is a victory for the Government and the Bahamian people.
Well, that's it. The Chinese no longer have any need to negotiate. Without Chapter 11 protection and as the only secured creditor, China ExIm will own everything in a liquidation.
The Bahamian Government has effectively kicked out Sarkis and his $900m and given Baha Mar to the Chinese.
Opinion piece? It quotes papers filed in Delaware directly.
And it's less about what she said in the covering letter - the key point is that the winding up documents were attached to the letter and sent before Baha Mar was notified.
Why would the contractor oppose this motion. They are not a secured creditor, China EXIM bank is. If the development is liquidated in the Bahamas as opposed to restructured under Chapter 11, there is almost no chance of any unsecured creditors getting anything.
If they were a true third party, there is no way they would oppose Chapter 11, as it allows the developer to put more money into the business but still have protection (as evidenced by the $70m investment that was approved by the US judge).
They are no doubt opposing this as they have been given assurances from the Christie Government that if the liquidation happens in Bahamas, they will be looked after.
This is disgraceful. The last published position of the Government was that it was neutral to both parties. If the Chinese were notified of the winding up order before Baha Mar, this is clearly not the case. Christie needs to immediately make a statement on their position.
It is bizarre that the AG would criticise Baha Mar yet write a letter praising the contractor when they are the ones who have missed 3 opening deadlines.
Bahamian_in_London says...
It will be interesting to see how Christie responds to this. It will be very difficult for him to not support this deal given CCA is being replace by Bahamian contractors. If they do not support this, it will be completely clear they are in bed with the Chinese, at the expense of their own country.
On Baha Mar wants contractor out
Posted 27 July 2015, 11:56 a.m. Suggest removal
Bahamian_in_London says...
Foreign investor puts $900m of his own money into Bahamas.
Employs 2,500+ Bahamians. Can't get the resort finished because the Chinese contractor refuses to their work.
Loses confidence in the Contractor as them not performing means the resort doesn't open and China ExIm owns the development.
Wants to get rid of the contractor and put more money into the business, but needs protection before doing so, so files for Chapter 11.
Bahamian Government do everything they can to help the Chinese that employ zero Bahamians.
But no, I'm sure no foreign investors will mind at all and will be lining up to put money into the Bahamas....
On Mitchell says investors won’t be scared off
Posted 24 July 2015, 3:43 p.m. Suggest removal
Bahamian_in_London says...
"And, in a comprehensive victory for Baha Mar’s Chinese partners and the Government, Justice Winder also dismissed a Baha Mar application that would have allowed it to use to the $80 million ‘working capital’ facility lined up by its principal, Sarkis Izmirlian."
I would like someone to explain why preventing Sarkis from putting another $80m into this project is a victory for the Government and the Bahamian people.
On Verdict leaves Baha Mar at ‘serious disadvantage’
Posted 23 July 2015, 2:40 p.m. Suggest removal
Bahamian_in_London says...
Well, that's it. The Chinese no longer have any need to negotiate. Without Chapter 11 protection and as the only secured creditor, China ExIm will own everything in a liquidation.
The Bahamian Government has effectively kicked out Sarkis and his $900m and given Baha Mar to the Chinese.
On Chapter 11 bid refused: Baha Mar application denied, Govt ‘vindicated’ by ruling
Posted 22 July 2015, 10:44 a.m. Suggest removal
Bahamian_in_London says...
Opinion piece? It quotes papers filed in Delaware directly.
And it's less about what she said in the covering letter - the key point is that the winding up documents were attached to the letter and sent before Baha Mar was notified.
On UPDATED: Attorney General praises contractor
Posted 21 July 2015, 5:10 p.m. Suggest removal
Bahamian_in_London says...
This statement is laughable: "...Bahamian insolvency proceedings would provide the most expeditious process...".
On Baha Mar’s Chapter 11 filing ‘severely flawed’
Posted 21 July 2015, 2:03 p.m. Suggest removal
Bahamian_in_London says...
Why would the contractor oppose this motion. They are not a secured creditor, China EXIM bank is. If the development is liquidated in the Bahamas as opposed to restructured under Chapter 11, there is almost no chance of any unsecured creditors getting anything.
If they were a true third party, there is no way they would oppose Chapter 11, as it allows the developer to put more money into the business but still have protection (as evidenced by the $70m investment that was approved by the US judge).
They are no doubt opposing this as they have been given assurances from the Christie Government that if the liquidation happens in Bahamas, they will be looked after.
On China Construction opposes US filing
Posted 21 July 2015, 1:58 p.m. Suggest removal
Bahamian_in_London says...
This is disgraceful. The last published position of the Government was that it was neutral to both parties. If the Chinese were notified of the winding up order before Baha Mar, this is clearly not the case. Christie needs to immediately make a statement on their position.
It is bizarre that the AG would criticise Baha Mar yet write a letter praising the contractor when they are the ones who have missed 3 opening deadlines.
On UPDATED: Attorney General praises contractor
Posted 21 July 2015, 1:47 p.m. Suggest removal