A U.S. bankruptcy judge has largely dismissed megaresort Baha Mar’s Chapter 11 filing, The Wall Street Journal reports. The latest hit to the stalled $3.5 billion project comes nearly two months after a judge in the Bahamas also denied the filing. The U.S. judge determined that insolvency should take place in the Bahamas.
The article states that the U.S. judge did allow for one aspect of the filing to proceed: Baha Mar placed Northshore Mainland Services Inc., a company that manages U.S. operations, in bankruptcy. This case will continue.