Statement from the Prime Minister: Baha Mar Resort

 

I note the statement that has been given today by Mr. Sarkis Izmirlian that he and the Baha Mar group remain committed to the pursuit of an early and definitive settlement of their outstanding differences with the lender and general contractor to the Baha Mar resort. The Government continues to be available to all the parties to assist in the mediation and resolution of their differences. In doing so, however, the Government will not be taking anyone’s side. Instead, the Government will at all times continue to optimize its value as a mediator between the parties so as to ensure that the interests of Bahamian workers and indeed the interests of the nation as a whole are accorded primacy at all times.

 

The Government has taken note of certain legal initiatives that have been taken by Baha Mar in the courts of the United States to secure creditor protection. The Attorney-General is presently reviewing these initiatives and their implications in conjunction with the Government’s US and UK attorneys. Until this review has been completed it would obviously not be appropriate to make any further comment on this aspect of the matter.

 

The Government remains hopeful that with the continued exertion of good faith efforts by all concerned, the Baha Mar Resort will not only open soon but will fulfill its promise as an important new dimension in Bahamian and regional tourism and one that will represent a major contributor to Bahamian employment.

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