Drama continues....the Bahamas government really dealt with this matter in a unprofessional manner, regardless of the emotions that were displayed....does not present itself as a nation displaying confidence and security for investors....Government actions are almost destroying its own economy for personal slights,,,,shameful

Wall Street Journal
baha mar
By stephanie gleason
*Aug. 27, 2015 2:26 p.m. ET
The structure of the proposed plan swaps the ownership of Baha Mar for new financing, meaning whoever finances the project will end up owning the Bahamian resort, a key driver of the island nation’s economy. The plan also issues replacement debt to the resort’s current lender and unsecured creditors.
So far, the project has been largely funded by China’s Export-Import Bank, which is already owed $2.4 billion. However, the new round of financing in Baha Mar’s proposal is theoretical at this point, with no lender or amount named in court documents.
Baha Mar has estimated that it will require at least $300 million to complete the project..........
....The company called the plan “a viable framework for Baha Mar’s emergence from chapter 11 and the expeditious resumption and completion of the construction of Baha Mar,” in a statement Thursday that also noted that any claims owed to the Bahamian government would be unharmed by the restructuring.
Notably, the proposal pushes China Construction, a subsidiary of state-owned China State Engineering Corp., out of the project by rejecting the company’s contract and canceling its current $150 million equity stake.*

Interesting that the government prejudiced on party over another....legal issues may
cost many $$$$ to the Bahamas, the Izmrilians surely have the best legal council...

This will discourage many foreign investors from investing in the Bahamas, especially with the antiquated bankruptcy laws, I being one of those reluctant foreign investor, who is now having second thoughts, amongst many others. Contrary to Mr Mitchell coming and investing in the Bahamas is not a sure thing, that investor should be privileged to do so is silly.... talk about not understanding how and where money travels...lol

"Mr Steindorff said. “I have investors putting up millions of dollars for this series and they are concerned about this situation with Baha Mar. It doesn’t create a healthy business environment. It only adds to conflict"

As a Canadian business person i have to concur with Mr. Steindorf, comments such as those made by Foreign Affairs Minister Fred Mitchell, and the Prime Minister are harmful to entrepreneurs/investors.
Do they believe that Nassau is a boom town for investors, they need only come to Nassau and their investment will be successful.....really.... A business person risks his money without any guarantee whatsoever that he will be successful, if it were guaranteed everyone would be an entrepreneur/investor.
Also, the 2 major (and only ) projects attractions in Nassau have now gone bankrupt....one being repossessed (Atlantis) by its Lender the other (Baha Mar) being liquidated....not having any bankruptcy protection laws that allow the investor to restructure its business is a reason to avoid such places for investments.
Here in Canada any one including foreigners regularly criticize our leaders, without fear of repercussions.....disappointing....