By Geoffrey Brown Nassau Guardian Business Reporter From Caribbean News Now

NASSAU, Bahamas — The joint provisional liquidators of the bankrupt Bahamas multibillion dollar megaresort Baha Mar on Thursday undertook to continue “working closely” with all appropriate stakeholders as they settle into their role overseeing the affairs of seven Baha Mar entities.

In a statement issued on Thursday, Edmund Rahming, managing director of KRyS Global, Bahamas, noted the “extremely complex” nature of the Baha Mar winding up petition and its potential impact on The Bahamas.

Supreme Court Justice Ian Winder appointed KRyS Global (Bahamas) and the UK-based AlixPartners as joint provisional liquidators handling Baha Mar’s affairs on September 4.

Schedule 1 of Winder’s ruling outlines the powers granted to the joint provisional liquidators, including the provisional liquidators’ right to access records and other information held by the Baha Mar group of companies set out in the government’s winding up petition.

“This is both a high profile and extremely complex situation which impacts a wide range of stakeholders, not least of all the people of The Bahamas. As a result the ultimate success of the Baha Mar project is in everybody’s interest and priority now is to begin our work in order to identify the best route forward.

“We will be working closely with all appropriate stakeholder groups throughout and further updates will follow in due course,” Rahming stated.

Alastair Beveridge and Nick Cropper represent global business advisory firm AlixPartners Services UK LLP. Together, the joint provisional liquidators will oversee the affairs of a group of Baha Mar’s affiliates comprised of Baha Mar Ltd, Baha Mar Land Holdings Ltd, Baha Mar Properties Ltd, BMP Three Ltd, BMP Golf Ltd, Cable Beach Resorts Ltd, and Baha Mar Enterprises Ltd.

According to Winder’s orders, KRyS Global and AlixPartners are authorized to, “take possession of, collect and protect all of the assets of [Baha Mar] and in particular the books, records, computer equipment and other tangible assets” of Baha Mar and are similar charged with promoting a “scheme/plan of compromise” between all Baha Mar stakeholders that could reverse Baha Mar’s insolvent status.

Baha Mar legal counsel earlier this week noted that the joint provisional liquidators had met with Baha Mar executives and that the seven Baha Mar companies were developing “proposed protocols to facilitate the provisional liquidators’ ability to discharge their duties in accordance with [Winder’s] ruling, including granting the provisional liquidators access to information about the [Baha Mar] entities’ assets and the project, and continuing to educate the provisional liquidators on all aspects and intricacies of the project.”

The winding up matter is due to resume in the Supreme Court on November 2.

Status Report

China Construction America (CCA), Baha Mar’s general contractor, on Thursday issued a status report to Delaware’s bankruptcy court regarding the recent developments in the Bahamian courts.

This included the enumerated powers vested with KRyS Global and AlixPartners, along with Winder’s repeated finding that “the only insolvency proceedings, which can give true effect to the principle of modified universality, would be a unitary insolvency proceedings in The Bahamas.”

Furthermore, CCA highlighted Winder’s view that there had been a “worsening” of the Baha Mar entities’ position since Baha Mar filed for Chapter 11 bankruptcy protection in the US. The status report noted the Supreme Court’s view that completing the project hinged on new financing, which Baha Mar said it was unable to access.

IMAGE: Baha Mar as viewed from golf clubhouse

For more on this story go to: http://www.caribbeannewsnow.com/headline-Liquidators-to-take-possession-of-bankrupt-Bahamas-resort-27564.html

See iNews Cayman related story published August 12, 2015 “Bank Slams Baha Mar’s ‘Inflammatory’ Conspiracy Allegation” at: http://www.ieyenews.com/wordpress/bank-slams-baha-mars-inflammatory-conspiracy-allegation/