NASSAU, The Bahamas, July 24, 2015 /PRNewswire/ -- CCA Bahamas Ltd. (CCA Bahamas), a wholly owned indirect subsidiary of China State Construction Engineering Corporation Limited (CSCEC) and the construction manager/ general contractor for the $3.5 billion Baha Mar resort project, today issued the following statement regarding the Baha Mar project:
"CCA Bahamas continues to make every effort to work constructively with the Bahamian government, China Exim Bank, and Baha Mar Ltd. to reach a successful resolution that will enable us to restart work and complete the Baha Mar resort project."
"CCA Bahamas has a firm, binding contract in place with Baha Mar Ltd. to serve as the construction manager/ general contractor for the Baha Mar project. This is a condition of the $2.5 billion senior bond issued by China Exim Bank to finance the construction of the Baha Mar project and the terms cannot be voided by any parties."
"Through CCA Bahamas, thousands of Bahamian subcontractors and workers have been employed during the construction of the resort. CCA Bahamas' expertise and oversight of the project is essential to successfully completing the resort as quickly as possible, and putting Bahamians back to work. If a resolution is reached swiftly, CCA Bahamas believes Baha Mar can be finished in time for the winter high season."
"CCA Bahamas remains fully committed to seeing the Baha Mar project through to 100% completion, so that the resort can achieve its true purpose: providing thousands of high-quality jobs to the Bahamian people, and an ongoing economic boon to The Bahamas."
Established in 1985, China Construction America (CCA) is the North American and South American subsidiary of CSCEC. CSCEC is a public company listed on the Shanghai Stock Exchange with a total market capitalization of $48 billion as of June 2015. Ranked 37th among Fortune Global 500 companies in 2015 and no. 1 on the ENR Global Contractors list in 2014, CSCEC is unrivaled by any other construction company in the world.
CCA Bahamas is a wholly owned subsidiary of CCA with founding principles of integrity and innovation with quality assurance and value creation. With a revenue of approximately $2 billion in 2014, CCA is ranked no. 32 top contractor in the US. In accordance with its core values, CCA is committed to creating value for all stakeholders and building a better Bahamas and a better world.
Squire Patton Boggs
Name: Michael Curto
Office Phone: 202-457-6000
SOURCE CCA Bahamas Ltd.