Tuesday, October 27, 2015

Bahamas PM says he will solve megaresort bankruptcy crisis

With a hearing on the Attorney General's winding up petitions against Baha Mar scheduled to take place in the Bahamas this coming Monday, November 2, 2015, Prime Minister Christie expresses confidence Baha Mar will be complete and open for business, come what may:

Per Caribbean News Now!:

Published on October 27, 2015

Prime Minister Perry Christie

By Krystel Rolle-Brown
Nassau Guardian Staff Reporter

NASSAU, Bahamas -- Prime Minister Perry Christie said on Saturday he is “supremely confident” that bankrupt Bahamas megaresort Baha Mar will be complete and open for business with or without the full cooperation of the parties involved in the long-standing dispute.

However, Christie warned that the price tag to complete the development has gone from $300 million to $600 million and continues to rise.

He continued to express optimism even after 2,000 Baha Mar employees were laid off.

“We’ve had the liquidators at Baha Mar go to the court and get permission to lay off 2,000 persons,” said Christie at the Bahamas Insurance Association’s 40th Anniversary Gala.

“But remember now, remember there is politics and there’s politics, and in a democracy, one side will say the next side is wrong, but the prime minister has the obligation to be careful, with the discussion going on, with what he says.

“But there is absolutely no doubt that I will solve that problem, none. And the parties, with or without the level of togetherness that is necessary, will see it happen.

“There is no doubt that the country cannot allow 2,000 people suddenly to be booted. That’s why we asked the liquidators not to do it at that time. Give us the time.”

Christie pointed out that the country is already faced with significant issues due to the devastating impact of Hurricane Joaquin earlier this month.

He said the government cannot allow the Baha Mar issues to further dampen the economy.

“But as I hope you will see in the next period of time, those of you who sell insurance should have confidence that you’ll have people to sell it to, and that we’re not going to allow that detrimental happening in our country to have the impact that it would ordinarily have,” he said.

“I’ll just say this, Baha Mar, too, will be completed. I’m supremely confident with all its complexities, with the enormity of the implication of a deteriorating abscess that is not being attended to, that what would have taken $300 million to finish is now double that; and every week and every month it deteriorates further. ....

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