On July 2nd 2015 ?it was reported that the Bahamas attorney general showed frustration over a decision that would allow Baha Mar Resort bankruptcy protection in a US court. The project in question is a $2.5 billion hotel and casino project in Nassau.?Allyson Maynard Gibson said that having a US court decide over important matters will affect the Bahamian economy and that the government feels that resolutions over the disputes should occur in the Bahamas.
The Supreme Court in the Bahamas has decided to adjourn until Tuesday following the application for the courts by Baha Mar Ltd. to acknowledge Chapter 11 court orders that were given by a court in Delaware. The archipelago’s government and China’s Export Import Bank that provided a loan of $2.4 billion for the project requested the delay.
Baha Mar said that it was disappointed in the courts decision and the objections after they had successfully filed US Chapter 11 protection in Delaware. The developer wants the Bahamian high court to approve the US court orders for debtor in possession financial arrangement, which is expected to give the company cash in order to pay for the daily operations. Baha Mar also said that the adjournment would have implications over the construction completion and the opening after so many delays.
The company also said that they fulfilling the Supreme Court order to provide payroll information so that the government is able to pay the wages of 2200 employees.
The resort in Nassau has been called the most expensive project that has ever happened in the Bahamas and there is a fear by opposition leaders that Baha Mar’s woes could put the country back into a recession.
The project had been planned to open at the end of 2014. The plans show a 1000-acre complex that includes hotels, 40 restaurants and clubs, a golf course and a huge casino.