The Bahamas Refuses to Honor Baha Mar's Bankruptcy Request
Baha Mar—currently the most expensive project taken on in the Bahamas—has hit even more trouble after filing for bankruptcy in Delaware. After missing a November grand opening, and then a rescheduled April opening, developer Sarkis Izmilian has offered continued financial support to help reach an agreement to turn the massive dream resort into reality. Yesterday, a judge in the Bahamas ruled that the island would not recognize the ongoing U.S. proceedings. The argument: Having the U.S. decide on a matter that has a major economic affect on the Bahamas was not in the island's best interest.
In short, this means that the super-resort now has two separate jurisdictions—the U.S. and The Bahamas—supervising its reorganization. The Bahamas next step is to decide whether to appoint a provisional liquidator—an independent, third party assigned to the case to help appropriate assets (in this case, restructure and open the location)—will be assigned to the case to help move the project along. Remember, the entire resort is 97 percent done.
More good reads from T+L:
• 25 Trips of a Lifetime
• Mega-Resort Baha Mar Files for Bankruptcy with 97% of Construction Completed
• 40 Reasons to Travel Now