Following the announcement reported by Forbes that the Baha Mar resort has filed for Chapter 11 bankruptcy protection due to construction slowdowns, the project’s contractor, CCA Bahamas, Ltd., has responded to the allegation.
“Baha Mar Ltd.’s decision to file for bankruptcy protection is the direct result of its failure to secure adequate financing and its mismanagement of the design of Baha Mar resort project. This mismanagement includes replacing the principal architect after construction had commenced, the late and incomplete delivery of design packages and over 1,300 construction change directives,” the company said in a statement. “The vast majority of the Baha Mar debtors are organized under the laws of the Bahamas, the Baha Mar project is located in the Bahamas, and the Bahamian people are deeply invested in the future of the project. Baha Mar Ltd.’s decision to file for bankruptcy protection in the United States was, therefore, misplaced and calculated to benefit the project’s developer over the interests of the Bahamas and its people.”
The statement continued, “CCA Bahamas is committed to holding Baha Mar Ltd. accountable for its improper actions and failed commitments to the Bahamian government, the people of the Bahamas, and all of its creditors. We look forward to working with the financial community and the Bahamian government in order to complete this important project.”
To read more, click here.
