Baha Mar Developer Dealt Another Blow as U.S. Court Dismisses Bankruptcy Filing
The developer of Baha Mar, the unfinished megaresort in the Bahamas, has failed to obtain bankruptcy protection in the United States. Judge Kevin Carey granted the motions by the resort's general contractor and lender - China-owned CCA Bahamas Ltd. and the Export-Import Bank of China - to dismiss the bankruptcy filing, which dates back to June.
"We are continuing to do all we realistically can, including working with the provisional liquidators appointed by the Bahamian Supreme Court, to try to resolve the issues that have prevented Baha Mar from opening," officials of Baha Mar Ltd. said in a statement.
The Bahamas government, on the other hand, said it welcomed the decision. "The Bankruptcy Court agreed that the future of the Baha Mar resort should be determined in the proceedings in the Supreme Court of the Bahamas, in which Justice Winder has appointed provisional liquidators."
A liquidator was appointed earlier this month by the Bahamian Supreme Court to oversee the stalled project, having been granted limited authority and ordered to preserve the developer's assets instead of finding an alternative plan to complete the project. The court set a hearing date of early November for the government's potential taking control of the site.
The five-hotel resort, which the developer claims is 97 percent complete, will include the Baha Mar Casino & Hotel, plus Grand Hyatt, SLS Lux, Meliá and Rosewood hotels. Last month, however, Rosewood requested the U.S. bankruptcy court to void its Baha Mar licensing agreement.