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Developer makes offer to China Exim Bank to complete and open Bahamas resort
Published on April 13, 2016 Email To Friend    Print Version

NASSAU, Bahamas -- BMD Holdings Ltd, the developer of the bankrupt Baha Mar megaresort in The Bahamas, on Monday reported that it has made an offer to China Exim Bank under which Baha Mar would be opened successfully, payment would be made to unsecured creditors, and no discount would be incurred by China Exim on its Baha Mar funding.

Sarkis Izmirlian
Sarkis Izmirlian, chief executive of BMD Holdings, stated, "All of us in The Bahamas want Baha Mar to be completed and opened successfully as soon as possible. We want this to be achieved in a manner that is advantageous to Baha Mar's unsecured creditors and Exim bank and assures that Baha Mar has an owner who is committed to putting back to work the many Bahamians who were laid off as a consequence of the winding up/liquidation process to which Baha Mar is now being subjected.

"There is no other potential owner who unequivocally has these goals for Baha Mar, for the creditor parties, and for Bahamians. There is no other potential owner, other than us, who has the expertise, capabilities, and commitment to move quickly to get this project opened and running in a manner to make The Bahamas proud.”

"It is unfortunate what has happened to Baha Mar these many months, but all of this is correctable. We are confident our offer is the right solution. We know we can make Baha Mar successful. We want all creditors' economic interests to be addressed fairly. We want former Baha Mar employees to be able to be back at work. While we will continue to fight the ill-advised winding up/liquidation through the courts, following a positive meeting last week with Prime Minister Perry G. Christie, we hope to work with him towards our shared goal of opening Baha Mar rapidly and successfully for the benefit of all Bahamians, especially our highly trained Baha Mar team members. They are colleagues in whom we have the highest confidence to make Baha Mar into a leading international destination resort. We are prepared to move forward immediately with Exim Bank on our offer. Time is of the essence," Izmirlian emphasized.
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Steven Norton:

Regardless of which company succeeds in moving forward with the completion of Baha Mar, careful thought should be given to spreading out the development over a year or more, so that 2,200 rooms do not open at the same time. Paradise Island, which opened nearly 50 years ago, had only 650 rooms initially, now up to nearly 4,000. And our operation benefited the rest of Nassau's resort accommodations. Even the 1,000 room casino resort, will be tough for the other Nassau/ Paradise Island hotels to absorb, and keep their current occupancies and average rates intact. Nassau will probably need charter air service just to provide adequate demand for 1,000 rooms, much less than 2,200. Opening phase one with the casino and Nicklaus Golf Course might be the best solution for Baha Mar and the other resort accommodations; and work with existing carriers to increase lift to the Island. Then gradually add the 3 other hotels with another 1,200 rooms.


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