NASSAU, Bahamas, May 25, 2016 /PRNewswire/ -- BMD Holdings, the developer of Baha Mar, today stated:
"Today's statement by CEXIM and CSCEC defies the sensibility of all Bahamians who toiled so hard in the belief that the Baha Mar would be opened in a timely manner as a world-class destination. It is very discouraging that China EXIM Bank, knowing full well the serious irregularities already demonstrated by its sister company China State Construction Engineering Corp, would now turn to this very same entity to complete the work which its subsidiary CCA has failed to do time and again on previous schedules that it has provided. Despite the now very public record, as well as facts revealed through the U.S. Chapter 11 court process, the bank chose not to turn to highly-respected and proven Bahamian construction companies, that are perfectly capable of performing at the highest level. What we now have is The Bahamas being forced to witness to its potential detriment, as the former great baseball star Yogi Berra said, "déjà vu all over again" at the hands of CCA.
"There is nothing in CCA's past performance at Baha Mar that should lend confidence that they can complete Baha Mar on any schedule they provide and refrain from re-engaging in deceitful business practices, including overbilling and substituting inferior materials and systems to the detriment of the potential of this resort. This is of particular concern if CCA is to undertake the completion absent independent testing and supervision such as that provided by the original developer. The possible ramifications of all of this include fatal impairment to the unsecured creditors, the depriving of much needed work for Bahamian contractors, and increased risk with respect to whether or not the BM resort will indeed ever open.
"We once again urge China EXIM Bank, for the sake of the Bahamas, and for its own economic self-interests, to enter into discussions with us with respect to our offer, which would allow the unsecured creditors to be paid, the bank to not to have to incur a discount on the monies it is owed, and which would facilitate the return of many Bahamians to work. We also look forward to a full hearing in the Bahamian court on the claims against CCA and CSCEC for their lack of performance."
Robert Siegfried / Ross Lovern
212-521-4832 / 212-521-4876
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SOURCE BMD Holdings