NASSAU, Bahamas, July 22, 2015 — Baha Mar Ltd. issued the following statement with regard to the Bahamian Supreme Court ruling:
We respect Justice Winder’s ruling and look forward to understanding his reasoning, but we are nonetheless disappointed by the result. We are even more disappointed in the way the Government has responded to our Chapter 11 filing over the past several weeks. We hope the Government will stand by its word to be an impartial mediator in our efforts to protect our investment and bring the project to completion.
We do not believe today’s ruling, for which the Government strenuously argued, assures the necessary protection of the assets of Baha Mar, and we do not believe that it is best for the over 2,500 current employees of Baha Mar.
We note that the stay granted by the U.S. Bankruptcy Court remains in effect, and takes on increased importance in light of this ruling, as all parties must still address that prohibition on the exercise of remedies. Nonetheless, we are continuing to do everything we can through direct discussions with the relevant constituencies and stakeholders to ensure the survival of Baha Mar. We reiterate what we told the Court. We are making progress toward reaching a consensual resolution.
If all the parties are willing, this resolution can happen. For the sake of all concerned, not least our employees, it must happen.
