China Construction America (CCA) has fired back at Baha Mar’s developers over comments suggesting that the project’s general contractor and the Export-Import Bank of China (EXIM Bank) had not negotiated in good faith, stating that CCA had gone “above and beyond” its obligations in striving for an opening for Baha Mar ahead of the winter season.

In a press statement released late Tuesday evening following news that four-party talks in Beijing had failed to result in a new deal for Baha Mar’s completion, CCA held Baha Mar Chief Executive Officer Sarkis Izmirlian responsible for failed talks on Tuesday, following his refusal to agree to a $100 million personal guarantee as part of a tentative plan to complete the stalled $3.5 billion Baha Mar project.

“We have continually acted in good faith and have gone above and beyond our obligation as a traditional construction contractor since the inception of Baha Mar. These actions have remained consistent throughout the duration of our negotiations with the Bahamian government, China EXIM Bank and Baha Mar Ltd. (BML).

“We were represented at every meeting by senior leadership of CCA Bahamas and our parent company, China State Construction Engineering Company (CSCEC), and have worked tirelessly with all of the parties to make significant compromises in order to try and reach a constructive and successful resolution,” reads CCA’s statement.

The statement seemingly serves as a response to statements made by Baha Mar President Tom Dunlap who earlier this week criticized CCA for stalling negotiations through “serial” insistence on lengthy “board-level approvals”.

“There have been complaints that Baha Mar has been represented in the varied negotiations by persons with little to no “executive authority”. Its president and president of Asia-Pacific have been negotiating around the clock for three weeks in China while, conversely, CCA/CSCEC have been often represented only by personnel from CSCEC who serially insist varied “board-level approvals” are required regarding any further concessions.

“Put differently, Baha Mar is being characterized as the recalcitrant party whilst the facts reflect otherwise, and we are no longer minded to participate in such an unbalanced, unfair process absent greater respect shown the developer,” said Dunlap in a letter addressed to Baha Mar stakeholders.

The latest plan to complete Baha Mar centered on a $400 million financing agreement comprised of $200 million in extended credit from CEXIM Bank and a further $100 million each from Baha Mar Ltd. and CCA. A government statement released following talks on Tuesday stated that Baha Mar Ltd.’s refusal to provide its part of the guarantee was largely responsible for failed negotiations, which Baha Mar denied.

CCA reinforced that it had offered to invest an additional $100 million in Baha Mar Ltd. on top of a $175 million financial guarantee to CEXIM Bank in order to satisfy the bank’s demands that all of its new $200 million loan facility be guaranteed.

In return, CCA and CEXIM Bank had demanded that Izmirlian provide a $100 million guarantee to CCA. While CCA found it “regrettable” that a deal had not yet been reached, the company stated that it had remained flexible in negotiations, offering Izmirlian multiple options of providing his personal guarantee, “including in the form of pledged collateral”.

“Our offer to help satisfy China EXIM Bank’s requirement of a full guarantee of the $200 million loan was rejected by Mr. Izmirlian. This is precisely the reason a deal was unable to be consummated,” read the statement.

“It is regrettable that we have been unable to reach a mutually beneficial agreement with all of the parties involved at this time. However, we stand ready to move forward in concert with any and all parties to get this project back on track as quickly as possible. Our priority since breaking ground has been to successfully complete this historic resort. We are looking forward to achieving this milestone before the high season,” added CCA.