Baha Mar Comments On Adjournment Of The Supreme Court Of The Bahamas

Jul 31, 2015, 13:24 ET from Baha Mar Ltd.

NASSAU, Bahamas, July 31, 2015 /PRNewswire/ -- Baha Mar issued the following statement following the adjournment of the Supreme Court of The Bahamas hearing on the Government's petition to August 19th:

"The Government's entire application is misguided and without merit, and the whole process is abusive, oppressive and undertaken in bad faith. We look forward to demonstrating those facts to the Court. Moreover, it should be clear to the entire country that the Government's action do not serve the best interests of the Bahamas and its people. Those interests are best served by the completion and opening of the resort, a process that the Winding Up Petition will only undermine and delay.  

Additionally, the Government's hastily submitted application contained numerous fatal flaws in procedural terms. Those errors were then compounded by their last-minute announcement that the persons they had proposed to act as provisional liquidators were, in the Government's revised estimation, unsuitable.

In any case, the appointment of a provisional liquidator is entirely unwarranted under the law, and given how the Government's first attempt to recommend three PWC partners resulted in a preposterous reversal, we cannot accept at face value the Government's assertion that it has now taken the appropriate steps to get it right. Considering the hundreds of Bahamian and international creditors and other parties involved in this situation, it is both necessary and appropriate that we have time to satisfy ourselves that the proposed individuals are truly independent and conflict-free, regardless of the caliber of the firm the Government has identified.

We are concerned that the Government's continued actions are only serving to distract the parties from the negotiations that are continuing, where we are making real, if slow progress, and to which we have always been committed. Our unwavering aim is to reach an outcome that enables Baha Mar to complete construction and open the resort to the benefit of the Bahamas."

About Baha Mar
Baha Mar is set on 3,000 feet of white sandy beach just 10 minutes from Nassau's fully renovated and expanded international airport.  It will feature elite hotels with gaming, entertainment, private residences, shopping and natural attractions that reflect an authentic Bahamian experience. Amenities will include a Jack Nicklaus Signature golf course; 200,000 square feet of flexible convention facilities, including a 2,000-seat entertainment venue; art galleries featuring Bahamian art; more than 40 restaurants, bars and clubs; global luxury designer and local artisan boutiques; and 20 acres of exquisitely landscaped beach and pool experiences, including a beachfront sanctuary with native Bahamian flora and fauna. For more information during this process please visit www.bmpathforward.com.

Media Contact
Kekst and Company
Jeremy Fielding/Stef Goodsell/Ross Lovern
Bahamar@Kekst.com
+1 (212) 521-4806

SOURCE Baha Mar Ltd.



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