Office of the Attorney General
Statement on Baha Mar Proceedings
July 2, 2015 - Nassau, Bahamas

On Monday 29 June 2015, Baha Mar Ltd. and 14 affiliated companies involved in the Baha Mar Resort filed for Chapter 11 Bankruptcy in the Courts of Delaware, U.S.A. Baha Mar did this without prior notice to the Government of the Commonwealth of The Bahamas and related entities. And, we are advised that no advance notice was given to the China Export Import Bank ("EXIM Bank"), the China State Construction Company and numerous Bahamian employees and contractors.

Fourteen of the affiliated companies are incorporated and doing business in The Bahamas. They own, operate and have an interest in Bahamian assets and businesses, including much of the land comprising the Baha Mar resort.

As the public is aware, the Prime Minister, for the past several months and as recently as 26 June 2015, has been negotiating and communicating with the Developer and the EXIM Bank to ensure sufficient funding to enable the opening of the resort at the earliest possible opportunity.

The Government at all times will continue to act in the best interest of the Bahamian people. The successful completion and opening of Baha Mar is in the national interest and is a matter of national priority.

Of particular importance is that the nearly 2,400 Bahamian employees who have been prejudiced by this bankruptcy proceeding must be paid. Paying the employees without conditions attached would allow negotiation, hearing and resolution of other critically important issues determinative of the future of this project.

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