KRyS Global (Bahamas) and AlixPartners, Joint Provisional Liquidators (JPLs) for the Baha Mar resort, announced a short while ago that as of Wednesday 23rd September, the resort’s principal construction contractor, China Construction America (CCA) has returned to the site for analysis and assessment of the work necessary to complete the project.
The move is a much-anticipated breakthrough in the stalled $3.5 billion resort project following a nine-week hiatus since developer Baha Mar Ltd. filed for Chapter 11 bankruptcy protection in the U.S. With one exception, that filing was later dismissed by the Delaware courts and when the Bahamian court appointed Bahamas-based KRyS Global and UK-based AlixPartners as JPLs on September 4, the liquidators immediately engaged in talks with CCA. The announcement was the result of those talks.
Commenting on behalf of all the JPLs Alastair Beveridge of AlixPartners said:
“We’re delighted to be working alongside CCA. Their role here is extremely important and together we will now assess what needs to be done, and how long it will take, in order to complete Baha Mar such that it may open its doors to the public and introduce thousands of new visitors to The Bahamas.
“The work that we will now jointly undertake will inform the next round of talks with all parties. Those talks will take place in due course following the completion of our assessment.”
In the weeks since the joint provisional liquidators’ appointment on September 4, KRyS Global and AlixPartners have been working tirelessly, pouring through documents and meeting with key stakeholders.
