Ninety percent of the claims of unsecured creditors of Baha Mar are expected to be settled by the end of this month, according to Baha Mar Claims Committee Chairman James Smith, who pointed out that the committee has so far settled the claims of 1,938 former Baha Mar employees and 140 unsecured creditors.

"The remainder [of unsecured creditors], which may further negotiations and reconciliations are still scheduled to be completed by year end," Smith told The Nassau Guardian.

The claims committee has been reviewing with its technical support team, the remaining categories of outstanding Bahamian
companies and individual service providers to the development.

The first category paid was owed under $500,000.

The claims committee completed the task of payouts to former Baha Mar employees from September 27 to 29.
The government said it hopes to settle all other claims by December 31.

As part of an agreement made with the government in August, the Export-Import Bank of China (CEXIM) made funds available for the payout exercise.

Baha Mar remains in receivership.

Chow Tai Fook Enterprises Limited has been named as the potential company to buy Baha Mar.

In October, CTFE said it would "invest millions ahead of the official deal completion through pre-opening activities and employment, which has already commenced".

The company said it had applied to the Government of The Bahamas for approval as a proposed investor and acquirer of Baha Mar by way of acquisition of Perfect Luck Assets Limited, the company to which "certain assets" of the Baha Mar development have been transferred.

Other claims committee members include liquidation claims advisor to the government Grant Lyon; representative of CEXIM Yanping Mo; representative of China Construction America Tiger Wu, and representative of Deloitte Norbert Chan.

Royston Jones Jr., Guardian Staff Reporter

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