Baha Mar Casino Place Into Provisional Liquidation

The Bahamian government has defended its choice of putting the struggling Baha Mar casino resort into provisional liquidation saying it was the only viable alternative accessible. The casino was put into provisional liquidation by the country's Supreme Court at the request of the government last 12 months soon after the developer filed for Chapter 11 bankruptcy for the duration of June 2016 in Delaware.
The government has explained that the determination was essential to the economy of the Bahamas, employment opportunities and the casino's fate.
In a statement, the Bahamian government explained
By commencing winding-up proceedings and moving for appointment of provisional liquidators, the government preserved the likelihood of a negotiated resolution, although assuring that the fate of the Baha Mar resort and the claims of its creditors would be determined in the Bahamas - not in a bankruptcy court in Delaware. This measure, amongst other issues, saved Bahamian unsecured creditors the expense of pursuing their claims in the US.
The statement is seen as a response to recent remarks manufactured by former Prime Minister Hubert Ingraham that the selection was a poor move by the recent administration headed by Prime Minister Perry Christie.
Baha Mar

The government has stated that not putting the casino into provisional liquidation would have resulted in the casino remaining in the developer's hands which would have not enhanced matters. http://www.nikeairmax270.us.org/scratch-off-forages-gone-bad-100-percent-better-than-before/ It also refuted Ingraham's assertion that the liquidation could have been handled like the bankruptcy of Resorts International's - Paradise Island, was dealt with in the 1990s. The government stated that the bankruptcies of Resorts Worldwide did not have an effect on the Bahamian economic climate or Bahamian personnel since the situation was connected to the holding firms and not the casino right.
Even so in this situation, developer Sarkis Izmirlian's Granite Ventures Ltd has no other asset in the nation, producing the casino the only materials asset because of which the bankruptcy would have significant influence on the Bahamian creditors, personnel and the economic climate as well.
The Progressive Liberal Get together Chairman Bradley Roberts also criticized Ingraham's statements saying that they threatened the sovereignty of the nation. Speaking in help of the government's selection he stated that the determination was right, as if the bankruptcy proceeding had been permitted to proceed in the Delaware court, it would have meant that the jurisdiction of Bahamian court would have been subjugated to the jurisdiction of a foreign nation.
Roberts also charged Ingraham's most recent remarks was in trying to keep with his record of failing to stand up for the Bahamas and cited other cases this kind of as the disputed sale of BTC to Cable and Wireless.