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Baha Mar developer offers to top competing bid for resort
New York, Oct. 12 – Baha Mar Ltd. former developer BMD Holdings Ltd. said it is prepared to buy the resort with an offer that “would be superior in all respects” to the bid currently on the table.
BMD made its proposal in a letter to Export Import Bank of China and Bahamas prime minister Perry Christie.
At present the resort is set to be sold to “an undisclosed Chinese party,” according to a news release from BMD.
The former developer said it will pay a price higher than the current “undisclosed offer,” pay all substantiated Bahamian claims in full and all amounts owed to Bahamian and ex-patriate employees, and drop its appeals and legal actions in the Bahamian courts upon acceptance of its offer.
BMD added that it will have full funding in place to pay the purchase price.
The former developer also believes its proposal is the option that will allow the resort to be completed the quickest.
In its letter, BMD alleged that Export Import Bank of China has “taken all the potential viable assets out,” including the claim against project construction manager CCA Bahamas, Ltd., “and left behind all the obligations.”
BMD added that it understands the bank plans to complete the resort and then sell it to “an undisclosed Chinese party.”
This arrangement “is very important and surprising,” BMD continued, because the Chinese party was apparently found outside the sales process conducted by the receiver for the resort.
“As you must be aware, we previously were advised on multiple occasion by your Receivers that all offers were required to be tendered through the Receivers’ process, and the multitude of bona fide offers we have made were not considered because of that,” BMD wrote in the release.
Baha Mar is a Nassau, Bahamas-based resort that filed for bankruptcy on June 29, 2015 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 15-11402.
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