The resolution of a stalled, nearly complete Bahamas resort project has become more complicated.
A Bahamian judge’s July 22nd announcement that the island nation will not recognize the U.S. bankruptcy filing of a local developer building the $3.5-billion, Baha Mar resort is injecting further uncertainty, including for project contractors. The ruling marks the latest twist in an 11th-hour legal standoff between the developer and contractor that began June 29, when subsidiaries of Baha Mar Ltd. filed for protection from creditors via the Chapter 11 bankruptcy laws.