With Baha Mar CEO Sarkis Izmirlian announcing that, after weeks of negotiations, the company and its Chinese partners were “no closer” to a solution, China Construction America (Bahamas) has charged that it has a “firm, binding contract” to serve as the general contractor for the stalled project.

In its statement on Friday, CCA Bahamas said this is one of the conditions of the Export-Import Bank of China’s (CEXIM Bank) $2.5 billion senior bond to finance the construction of the $3.5 billion project on Cable Beach.

In a letter dated July 23, Izmirlian told CEXIM President Liu Liange that, given the series of cost delays, it was no longer “prudent” to deal with CCA.

He requested 50/50 financing for a $400 million new senior facility to fund the completion of the stalled project.

Baha Mar and CCA Bahamas have been at odds over outstanding monies and what the developer claims has been shoddy work by the contractor.

“The terms cannot be voided by any parties,” CCA Bahamas said.

“Through CCA Bahamas, thousands of Bahamian subcontractors and workers have been employed during the construction of the resort.

“CCA Bahamas’ expertise and oversight of the project is essential to successfully completing the resort as quickly as possible and putting Bahamians back to work.

“If a resolution is reached swiftly, CCA Bahamas believes Baha Mar can be finished in time for the winter high season.”

“CCA Bahamas remains fully committed to seeing the Baha Mar project through to 100 percent completion, so that the resort can achieve its true purpose; providing thousands of high quality jobs to the Bahamian people and an ongoing economic boon to The Bahamas.”

Baha Mar filed for Chapter 11 bankruptcy in the U.S. district of Delaware on June 29.

Last Monday, CCA filed a motion in Delaware seeking to have Baha Mar’s Chapter 11 proceedings dismissed. CCA claims that Baha Mar has not paid it since February and it is owed approximately $76.6 million in relation to that work. Baha Mar has said that because of its missed March opening date, it suffered devastating losses.

Baha Mar sought to have the Chapter 11 proceedings recognized in The Bahamas so as to gain creditor protection and access to much needed funds. However, the Bahamas Supreme Court rejected the application last Wednesday.

In a statement to its 2,500 employees on Wednesday, Baha Mar Vice President of Human Resources Magdalena Hamya said while their employment status remains unchanged, recognition of its Chapter 11 proceedings in The Bahamas and a resolution among its Chinese partners can bring Baha Mar to completion. It is unclear whether the company will appeal the Supreme Court’s decision.

Since filing, Baha Mar has made it clear that it is unable to pay hundreds of creditors or its employees.

But American attorneys for Baha Mar reportedly told a U.S. court last Thursday that Izmirlian was willing to commit $200 million to “jump-start” the project, though they did not detail how.

Negotiations among the parties failed two weeks ago after Izmirlian failed to commit to a cash guarantee to CCA or withdraw its Chapter 11 bankruptcy proceedings and its lawsuit against the contractor in the United Kingdom.

Four-party talks resumed in Beijing today.

The Nassau Guardian understands that no representative from Baha Mar attended the talks yesterday.