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26 August 2016

A coup in Bahamas: Baha Mar is back on track

We are delighted that our team’s hard work on the Baha Mar case over the past 20 months has paid off culminating with a Memo of understanding. This was secured following a course of successful discussions with the Bank China Export-Import Bank “CEXIM” and the main Construction Contractor CCA.

The construction of the $3bn+ Baha Mar Project which comprises of a number of Hotels and Casino Resort in Nassau will resume in September under a new agreement with all parties collaborating to complete the project. We are delighted that thousands of employees will receive outstanding amounts owed to them. The resort will be completed and sold to a world-class hotel and casino operator. Baha Mar will soon to open its doors to the public for the good of the people of the Commonwealth of the Bahamas.

Commenting on the Baha Mar case, John Almeida, Head of Foreign Governments practice at Charles Russell Speechlys, said: “The Government has been working tirelessly with the major stakeholders to reach agreement on the way forward. Monday’s agreement contains binding commitments on funding, re-mobilization of the workforce and completion of the resort. We are looking forward to working with the Government on the implementation of what has been agreed. ”

Roger Elford, Restructuring and Insolvency Partner at Charles Russell Speechlys, said: “This is a complex case with many moving parts in which liquidation, receivership and bi-lateral negotiations have all collided. All of the major stakeholders share an interest in seeing the project completed and the resort opened as soon as possible, and the agreement reached on Monday is a significant step forward in achieving that goal. Whilst there is much work that remains to be done, there is now a framework in place that will both enable and require the parties to retain focus on the finish line. ”