More Baha Mar creditors file claims

Wed, Jul 22nd 2015, 12:30 PM

Bahamas Waste Limited has filed a $11,601.21 claim against Baha Mar Properties Ltd. and a separate claim against Baha Mar Ltd. for $60,509.26. In addition, The Sign Man Co. Ltd. has filed four claims against Baha Mar Ltd. ranging from $17,250 to $121.50 for a combined value of roughly $30,000.

As of yesterday, just over 50 claims had been filed against the resort’s developers. Last week, Northshore Mainland Services Inc., the Delaware-based company under which the Baha Mar group of companies filed for Chapter 11 bankruptcy protection, received a substantial $1.8 million claim from U.S. mechanical and electrical consulting engineering giant Jaros Baum & Bolles (JBB).

Baha Mar’s top 20 creditors, which includes the Bahamas Electricity Corporation, contractors China Construction America (Bahamas), and construction firm Yates-Osprey, are collective owed approximately $120 million. Despite the considerable number of local creditors, no Bahamian companies are directly represented on Baha Mar’s official committee of unsecured creditors. That committee earlier issued a notice of appearance and demand for service of papers relating to Baha Mar’s ongoing Chapter 11 cases and is scheduled to have its next meeting on August 3. Yates-Osprey, a joint venture, is the closest thing to Bahamian representation on the committee. That firm yesterday filed a notice of appearance and request for service in Delaware’s bankruptcy court.

Acting U.S. Trustee Andrew R. Vara last week appointed the following creditors to the committee: Yates-Osprey, Purchasing Solutions International Inc., Schadler Kramer Group, LLC. Dba SK&G, Suddath Global Logistics Bahamas, AECOM Technical Services, Terracon Consultants Inc., and SBE Hotel Management.

SBE, the operator of the SLS brand, brings a degree of representation for Baha Mar’s brands. However, neither of Baha Mar’s two largest creditors – China Construction America and Bahamas Electricity Corporation– are represented on the committee.

The sway of firms within the unsecured creditors’ committee typically hinges on the amount of money that they are owed and while the creditors committee’s position will likely factor into any future action by the court, the bankruptcy trustee will ultimately decide on future matters involving the reimbursement of creditors.

Click here to read more at The Nassau Guardian

 Sponsored Ads