Christie:Baha Mar needs government intervention

Fri, Aug 27th 2010, 08:00 PM

By CANDIA DAMES
Guardian News Editor
candia@nasguard.com
Opposition Leader Perry Christie has toldThe Nassau Guardianthat the government should intervene to help speed along a conclusion to Baha Mar's ongoing loan resolution discussions with Scotiabank, which helped to finance the acquisition of the company's Cable Beach hotels.
It is understood that the outstanding loan amount is in the order of$200 million.
The bank is holding the properties as security and a resolution must be reached before Baha Mar and its new Chinese partners could move forward with the planned$2.6 billion development.
In addition to final approval from the Bahamas government, the loan matter is the final hurdle Ba ...

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