BREAKING NEWS: GOVERNMENT ANNOUNCES HOW TO GET PAID FROM BAHAMAR FUND

FOR IMMEDIATE RELEASE
28th August 2016

Bahamas Government announces committee to process all Baha Mar claims

Bahamas Information Services

As part of the agreement between the Export-Import Bank of China (“the Bank”) and the Government of the Commonwealth of The Bahamas to remobilize and complete construction of the Baha Mar Resort, cialis canada the parties have established a Committee to administer the claims of Bahamian and other creditors of the Baha Mar group of companies.

The members of the Committee are: His Excellency Mr. James Smith CBE; Mr. Grant Lyon (Liquidation Claims Advisor to the Government); Ms. Yanping Mo (representative of the Bank); Mr. Norbert Chan (representative of Deloitte); and Mr. Tiger Wu (representative of CCA).

On August 22, 2016, the Supreme Court approved the plan to remobilize the resort. Part and parcel of the remobilization was the acknowledgement and provision of funds to deal with the claims of unsecured creditors, in particular Bahamian creditors, in accordance with an agreed formula and a process for the assignment of those claims.

In this regard, it is important to note that these claims are being paid from monies which have been made available by the Bank, as the Baha Mar companies in liquidation have no assets from which to pay creditors.

The Bank will shortly place on deposit in The Bahamas the funds necessary for the work of the Committee; to settle the Bahamian employees’ related claims as outlined by the Prime Minister during his address to the Nation on August 22nd; and to administer and pay the claims of Bahamian creditors, according to the process which has been indicated.

Further announcements on the specific details of the process will come from the Committee. The Government hopes that Bahamian employee claims will be settled no later than 30th September 2016 and that all other claims will be dealt with on or before 31st December 2016.