NASSAU, Bahamas and WILMINGTON, Del., Aug. 27, 2015 /PRNewswire/ -- Baha Mar announced that its affiliated entities that commenced chapter 11 cases before the United States Bankruptcy Court for the District of Delaware on June 29, 2015 have filed a Chapter 11 Plan of Reorganization with the Bankruptcy Court.
Baha Mar stated, "The filing of the chapter 11 plan is an important step in Baha Mar's restructuring efforts. The plan presents a viable framework for Baha Mar's emergence from Chapter 11 and the expeditious resumption and completion of the construction of Baha Mar. Most notably, the plan provides that valid claims of Bahamian creditors and the Government of the Bahamas will be unaffected by the Chapter 11 and, upon implementation of the plan, would be paid in the ordinary course of business.
"Baha Mar's priority is to complete the resort's construction properly and open successfully as soon as possible. The plan is structured to enable Baha Mar to achieve this objective. Once completed, Baha Mar is projected to generate nearly 5000 new jobs in The Bahamas and have an annual payroll in excess of $130 million, representing nearly 12% of the GDP of The Bahamas."
The Baha Mar entities that are debtors in the chapter 11 cases currently pending before the United States Bankruptcy Court for the District of Delaware are: Northshore Mainland Services Inc. (9087); Baha Mar Enterprises Ltd.; Baha Mar Entertainment Ltd.; Baha Mar Land Holdings Ltd.; Baha Mar Leasing Company Ltd.; Baha Mar Ltd.; Baha Mar Operating Company Ltd.; Baha Mar Properties Ltd.; Baha Mar Sales Company Ltd.; Baha Mar Support Services Ltd.; BML Properties Ltd.; BMP Golf Ltd.; BMP Three Ltd.; Cable Beach Resorts Ltd.; and Riviera Golf Ventures Ltd.
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.
Kekst and Company
Robert Siegfried / Jeremy Fielding / Stef Goodsell
+1 (212) 521-4806
SOURCE Baha Mar Ltd.