Government and China’s Bank succeeded against Baha Mar!
Nassau, Bahamas – The Government succeeded today in persuading the Hon. Mr. Justice Ian Winder that he ought to dismiss the application of the Baha Mar group of companies to have the Supreme Court of The Bahamas recognize the Chapter 11 proceedings in Delaware, USA and extend orders in those proceedings relating to staying actions against the Baha Mar group of companies by their creditors whether Bahamian or non Bahamian.
On June 29th Baha Mar filed for Bankruptcy at a court in Delaware the same day it sent home all its workers, in a lie described as “Extermination Exercises”.
Baha Mar owes over one thousand creditors with the Government of the Bahamas alone being owed more than $59 million. Lawyers representing China’s Import Export Bank have argued that Baha Mar’s move to file Chapter 11 was the company only looking out for its own interests.
Baha Mar in 2010 could not pay a $200 million loan with Scotia Bank for its purchase of the Marriott Hotel. Why and or how anyone believed they could pay over $2 Billion back to China’s Bank is just incredible!
The government has moved for a Liquidator to be appointed by the courts. Baha Mar was goven 48 hours to accept the China Bank solution to involve them going forward. Baha Mar never responded to that demand as they don’t intend to pay a damn soul!