Thursday, July 23, 2015

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, the owners behind the
project looked to developer Sarkis Izmilian for continued financial support to
turn the massive dream resort into reality. Yesterday, a judge in the Bahamas
ruled that the island would not honor the monetary request. 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 will not receive
any financial help requested through the filing. A provisional
liquidator—a government employee 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 Did you enjoy
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Best Restaurants in London to Eat like a Local A judge ruled that the
bankruptcy Baha Mar filed for in Delaware will not be honored in the Bahamas.

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