It appears that the government will more than likely close a deal with China Construction America (CCA) to complete the $3.5 billion Baha Mar megaresort. Despite disagreements about CCA bidding for Baha Mar in the first place, Guardian Business sources close to the matter insisted that the government's ultimate goal is to complete the project.
One well-placed source, who was unauthorized to speak on the matter, said the administration feels CCA would be the best option to take over the project, and suggested that CCA is indeed in the midst of reportedly closing a deal with the government.
The understanding appears to be that CCA is the prime choice to complete the project because the company is the project's original contractor and would be more aware of important details than a new developer. Over the weekend, Guardian Business understands that Prime Minister Perry Christie had dispatched Sir Baltron Bethel and Attorney General Allyson Maynard-Gibson to China to cement the terms of a new deal.
The terms of the deal, it is said, are that the Export-Import Bank of China (CEXIM), the original financier of the project, would finance CCA in its efforts to complete and open the resort. The plan, reportedly, is for CCA to complete the project at a cost of anywhere between $600 million and $1 billion.
According to the source, the administration feels that CCA, unlike the project's original developer, Sarkis Izmirlian, has sufficient funds to complete the project. The source argued that if the developer had sufficient funds in the first place, he would not have filed for Chapter 11 bankruptcy protection in Delaware last June.
Public outcry has greeted word that CCA might possibly take control of Baha Mar.
An open letter allegedly sent to Christie by people terming themselves "disenfranchised Baha Mar citizens" was circulated over the weekend. That letter indicated a strong disapproval of CCA and pleaded with Christie to not allow the "general contractor to complete Baha Mar or to be its eventual owners".
Christie is expected to make an announcement on the deal during his annual budget communication scheduled for Wednesday.
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