Tweet More trouble ahead as Bahamar goes after China Construction in the UK! Opening of the new Baha Mar resort on New Providence island in the Bahamas is again delayed. The photo shows construction under way – FILE PHOTO. Photo: CRAIG KARMIN/THE WALL STREET JOURNAL Nassau, Bahamas — Just one day after filing for bankruptcy protection, the developer behind the troubled Baha Mar Resort & Casino has filed a civil suit against the Chinese parent company of its main contractor. On Monday, Baha Mar Ltd. filed for Chapter 11 protection in Delaware bankruptcy court, citing debts related to its stalled $3.5b Baha Mar resort in the Bahamas. Baha Mar Ltd. said the voluntary bankruptcy was the result of “financial consequences of the repeated delays” by the general contractor, CCA (Bahamas) Ltd., a subsidiary of Chinese state-owned firm China Construction America. Baha Mar’s suit, which was filed in the English High Court, accuses CCA’s parent China State Construction Engineering Corp of failing to meet stated guarantees and performance obligations. Both developer and contractor have publicly blamed each other as responsible for the project’s repeated delays, which have raised concerns about the viability of the venture. Baha Mar Ltd.’s lawsuit seeks various financial remedies from CCA. Baha Mar also says it has been unable to convince its primary lender, Export-Import Bank of China, to provide the additional funding needed to see the project through to completion. The bank rode to Baha Mar’s rescue in 2010, agreeing to provide capital totaling nearly $2.5b after the project stalled following the 2008 global economic slowdown. But Baha Mar says the bank is refusing to release the final $112m of this guarantee. On Tuesday, Bahamas Prime Minister Perry Christie expressed confidence that the troubled resort “will not only open soon but will fulfill its promise as an important new dimension in Bahamian and regional tourism.” Christie said his government would “not be taking anyone’s side” in the dispute but would “at all times continue to optimize its value as a mediator between the parties.” In the bankruptcy filing, Baha Mar Ltd. CEO Sarkis Izmirlian said he would finance an $80m debtor-in-possession facility that would help the property meet its interim payroll requirements, but employees appear far more pessimistic. The Nassau Guardian quoted some staffers saying they were convinced their next paycheck would likely be their last.  Read More →
Tweet BP investigation on Bahamar – Part I ROBERT Sandy Sands suggests Bahamians are not discplined enough to gamble? Nassau, Bahamas — When in 2011 Scotia Bank Bahamas Ltd. recorded its first ever loss in the country, we at Bahamas Press knew that something would go terribly wrong at Bahamar. Many forget how Bahamar could not meet that debt and had to hide behind an equity settlement in order to allow the project to continue. In that year of 2011 the Tribune’s Business editor reported details of that loss at Scotia Bank: “SCOTIABANK (Bahamas) exceeded its 2011 internal projections through an almost $59 million reversal of its first-ever annual loss, its managing director telling Tribune Business it is targeting a “better year” for 2012 despite forecasts of a “three-five year” banking industry recovery. Kevin Teslyk told Tribune Business that 2011 was “the turnaround we expected to see”, after it turned 2010’s $29.127 million net loss into a $29.868 million profit, putting the writedown on its $200 million-plus loan to Baha Mar firmly behind it.” We in the Bahamas now see the tremors of that bad loan with Bahamar. Scotia Bank this year saw layoffs and branch closures in an unprecedented move to realign the bank into the future. Why couldn’t Bahamar pay a debt, which was just over $200 million, and what makes the people of the Bahamas, and by extension the Government of the Bahamas, believe they would ever be able to repay a debt to the Chinese Import Export Bank to the tune of $3.5 Billion? Add to that a new list of creditors published in a court in Delaware yesterday with unpaid bills by Bahamar amounting to the tune of millions? What happened to the money if Bahamar hasn’t paid it bills??? They were collected from the Brand Owners, they collected from the Chinese Bank and they collected money from the Bahamas Government – yet- they run out of money??? Stay tuned as Bahamas Press will begin to present some short piece to remind our readers how we got to this Bankruptcy action by Bahamar and the sending home of workers yesterday! What a mess! We report yinner decide!  Read More →
Tweet Photo used is a file photo from out of the area by J. Campbell…. Nassau, Bahamas — Breaking news coming into Bahamas Press right now confirms we have a fatal shooting at Wilson Track. The crime scene is located at the end of Andros Ave. east off East Street. The scene is bloody. The victim was shot to the upper body.  Read More →
Tweet POLICE SEARCHING FOR A CHAMPAGNE HONDA ACCORD VEHICLE USED DURING A SHOOTING INCIDENT Nassau, Bahamas — POLICE are searching a champagne Honda Accord vehicle used during a shooting incident that has left a man detained in hospital last night. According to reports, around 10:00pm last night a man was standing in front of a home located on Ferguson way off Carmichael Road, when the occupants of a champagne coloured Honda Accord shot him in the back and wrist before speeding off. The victim was rushed to hospital where he remains in serious condition.  Read More →
Tweet Serious problems could force Christie to turn to a robust family island development plans as concerns grow at Bahamar…. Nassau, Bahamas – The following is a statement by the Prime Minister of The Bahamas, the Rt. Hon. Perry Christie: I note the statement that has been given today by Mr. Sarkis Izmirlian that he and the Baha Mar group remain committed to the pursuit of an early and definitive settlement of their outstanding differences with the lender and general contractor to the Baha Mar resort. The Government continues to be available to all the parties to, assist in the mediation and resolution of their differences. In doing so, however, the Government will not be taking anyone’s side. Instead the government will at all times continue to optimize its value as a mediator between the parties so as to ensure that the interests of Bahamian workers and indeed the interests of the nation as a whole are accorded primacy at all times. The Government has taken note of certain legal initiatives that have been taken by Baha Mar in the courts of the United States to secure creditor protection. The Attorney-General is presently reviewing these initiatives and their implications in conjunction with the Government’s U.S and UK attorneys. Until this review has been completed it would obviously not be appropriate to make any further comment on this aspect of the matter. The Government remains hopeful that with the continued exertion of good faith efforts by all concerned, the Baha Mar Resort will not only open soon but will fulfill its promise as an important new dimension in Bahamian“ and regional tourism and one that will represent a major contributor to Bahamian employment.  Read More →
Tweet Dr. Hubert Minnis The shocking news that Bahamar has filed for bankruptcy protection in the United States of America has caused disquiet and even a sense of alarm in our society. The Free National Movement deeply regrets that matters have come to such a pass and is particularly concerned about the well-being and job security of the thousands of Bahamians presently employed by Bahamar; and the plight faced by the many thousands more Bahamians who have looked to Bahamar as their means of escape from the harsh circumstances of chronic and high unemployment levels, most particularly thousands of young Bahamians. The Free National Movement is in discussion now with various stakeholders determining the details surrounding the decision and the accuracy of the various reports issued by Government officials including the Prime Minister in recent days. Tomorrow morning at 11am we will hold a press conference to share our position on this matter and to pledge our support for the resumption of this project which is pivotal to our ongoing growth and development as a leading tourist destination.  Read More →
Tweet Breaking News >>> Bahamas Electricity Corp., owed $19.5 million by Bahamar!!!!! Bahamar Project now underway for West Bay Street… Baha Mar Resort Files Bankruptcy Blaming Contractor Delays!!! Delaware US – The owners of Baha Mar, a Caribbean resort project valued at more than $3.5 billion, filed for bankruptcy court protection in Delaware, blaming delays by the project’s general contractor. The four-hotel resort and golf complex, featuring the largest casino in the Caribbean and its own private island, was presented as the most significant tourism project in the history of the Bahamas. “The general contractor repeatedly has missed construction deadlines,” Baha Mar Ltd. Chief Executive Officer Sarkis Izmirlian said in a statement Monday. “Unable to open, the resort has been left without a sufficient source of revenue to continue our existing business.” Bankruptcy protection will provide the time needed to complete the project, according to the statement. Baha Mar Enterprises Ltd. listed debt of more than $1 billion in Chapter 11 documents in U.S. Bankruptcy Court in Wilmington. Among the largest unsecured creditors listed were CCA Bahamas Ltd., owed $72.6 million in construction costs; Bahamas Electricity Corp., owed $19.5 million; and Yates-Osprey J.V. owed $5.28 million. All are based in Nassau. Bally Technologies of Las Vegas is owed more than $1 million in trade debt, according to the filing. The main case is In re Northshore Mainland Services Inc., 15-11402, U.S. Bankruptcy Court District of Delaware (Wilmington). Workers asked to TO STAY HOME!!!  Read More →
Tweet One person seriously injured… Nassau, Bahamas — Bahamas Press is right now reporting a rollover on Market Street near Fleming Street where two persons are injured one seriously. The incident occurred just after 3pm this afternoon. EMS services have arrived assisting the persons. Drive to arrive alive. We report yinner decide!  Read More →
Tweet Accused men pointed to a juror who is a relative of the deceased! Tristan Deveaux, 20, and Judson Mackey, 21 Nassau, Bahamas — Two young men charged in the murder of 25-year-old Shanrio Deveaux will now have to wait to hear their fate as a judge has declared a mistrial in their matter today. Tristan Deveaux, 20, and Judson Mackey, 21, are facing murder and gun possession charges following the incident in May 2013. The case abruptly ended after the men stood up in court and pointed to a juror, screaming that they will not get justice because a juror seated is a relative of the deceased! The judge immediately declared a mistrial following the discovery and noted a new trial will be rescheduled. Boy, even the criminals have good lawyers. We at BP say, “Give the accused bail – and let the matter swiftly conclude!” We report yinner decide!  Read More →
Tweet Captain Paul DaSilva (left) and First Officer Karen Tulloch in the flight deck at V.C. Bird International Airport. “While I consider flying my hobby, I found training to be the most satisfying part of my job. As a simulator instructor, I also learned a lot from observing other pilots’ performance. My stint as Chief Pilot also taught me the ‘other side’ of the aviation business and the experience was invaluable.” – Paul DaSilva, retiring LIAT captain “These additional frequencies serving Dominica and Tortola will ensure our customers are able to connect via St. Maarten to WINAIR’s and our partner’s route networks.” – Michael Cleaver, President and CEO, WINAIR (Soualiga Newsday) “We want to blow the whistle on this before it happens. Enough already. They charge a fee for peanuts, for leg room, for just about anything. Luggage companies have made carry-on bags and now, all of a sudden, millions of them won’t fit.” – Charles Schumer, U.S. Senator for New York (TravelMole) “Cabin OK is a voluntary program for airlines and for consumers. This is clearly an issue that is close to the heart of travelers. We need to get it right. Today we are pausing the rollout and launching a comprehensive reassessment of the Cabin OK program with plans to further engage program participants, the rest of our members, and other key stakeholders.” – Tom Windmuller, Senior Vice President, Airport, Passenger, Cargo and Security, International Air Transport Association (IATA) “With its extraordinary location and high level of service, the addition of Alegria (in St. Maarten) to the Ascend Hotel Collection elevates the portfolio like never before. This boutique-style property set in the middle of paradise offers guests a truly unique travel experience and convenient access to one of the most popular beaches in the world.” – Michael Murphy, Senior Vice President of Upscale Brands, Choice Hotels International “Summer is always going to be difficult. The room stock with regards to the demand – the demand is always lower in the summer and that is why we chose to do renovations during that time. So the 25 plus hotels under renovation will not impact our occupancy in terms of demand, but it will be a difficult summer as usual.” – Sunil Chatrani, Chairman, Barbados Hotel and Tourism Association (Barbados Today) “The old believe everything; the middle-aged suspect everything; the young know everything.” – Oscar Wilde, Writer “Quotable Caribbean” is compiled by Marketplace Excellence Corporation, a full-service, integrated marketing agency committed to excellence in the fields of public relations, marketing and media coaching.  Read More →
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