Bahamas' Baha Mar Resort Placed in Receivership

Baha Mar, the Nassau, Bahamas, megaresort, has been placed into receivership, according to KRyS Global and AlixPartners, provisional liquidators appointed by the Bahamas Supreme Court. Travel Weekly, M&C's sister publication, said Deloitte has been appointed as the receiver by Export-Import Bank of China, the project's lender.

"Our role now is to work closely with Deloitte as the bank's appointed receivers with a view to exploring and deciding on the most appropriate strategic option in order to see the resort completed and open for business," AlixPartners' Alastair Beveridge and KRyS Global's Edmund Rahming said in a statement. The developer late last month laid off 2,000 employees after principal Sarkis Izmirlian said there was "simply no way for Baha Mar to sustain the thousands of jobs."

The $3.5 billion resort includes five hotels, a 100,000-square foot casino, an 18-hole golf course and luxury condominiums; it was started in 2011 and was supposed to open this past March.