After filing for bankruptcy
in the United States earlier this month, the owners of the unfinished Baha Mar resort in the Bahamas are entering discussions with China Construction (CCA), the resort's chief contractor, to determine a way forward on the project, they announced yesterday.
The owners, Baha Mar Ltd., issued the following statement:
"It is clear that we and our government in The Bahamas recognize the importance to The Bahamas of completing construction and successfully opening Baha Mar as soon as possible. We appreciate the government's efforts to try to help all parties work together to achieve a consensual resolution in a timely manner.
"We at Baha Mar want this, have an urgency to reach an appropriate resolution, and look forward to participating in discussions this week in China.
"As the government of The Bahamas has made clear in communications with us, the discussions to achieve the resolution are directly between the private parties -- Baha Mar; China State Construction, the general contractor and its affiliates; and the lender, the Export-Import Bank of China, with the Bahamian government volunteering to be neutral in this process.
"Since the discussions are between the private parties, and the sensitivity of their content is critical to being able to try to work toward a consensual resolution, Baha Mar plans not to make any public statements on the discussions as they occur and, if at all, until they are concluded. We would hope all those attending conduct themselves in a similar fashion so that the private parties have the most conducive environment in which to undertake this effort."