The Tribune

By TANEKA THOMPSON

Tribune News Editor

tmthompson@tribunemedia.net

PRIME Minister Perry Christie would not confirm or deny reports that negotiations between Baha Mar and its Chinese partners had broken down, telling The Tribune last night he wanted to wait until Attorney General Allyson Maynard-Gibson returned from China before he commented on the matter.

He was asked for comment after a well-placed source in the Christie administration told The Tribune that despite more than three days of talks in China, the relevant parties were still unable to reach a deal yesterday.

The source also indicated that without an agreement, arguments will likely be made in court to place the resort into liquidation.

The source maintained that Baha Mar was reportedly offered $300 million in additional to financing to finish the project by the China Export-Import Bank, on the condition that the resort drop its Chapter 11 bankruptcy filing in the United States and its lawsuits against general contractor China Construction America (CCA).

However, The Tribune was told that Baha Mar rejected this offer and has said it now needs $600 million to complete the project and operate.

“When (Mrs Maynard-Gibson) returns she will give me a full report of what happened, and I think in fairness to her I shall wait that process before I comment,” the prime minister said when asked about reports that the talks had failed.

“I am satisfied that we will have a full explanation tomorrow,” he added.

When asked if liquidation was being considered, he said: “The government will always act in the best interest of the people of this country and whenever the government is pursuing a particular end, as it is in negotiations, there is always an alternative and the country must always be in the position to have things moving forward towards a good result for the people of this country, for the staff, for the people who are owed a lot of money.

“We will give you a full report tomorrow,” Mr Christie added.

Mrs Maynard-Gibson led a government delegation to China where Baha Mar executives, China State Construction (parent company of CCA) and the China Export-Import Bank had discussions to hopefully secure an out of court deal to open the resort.

Those talks were only expected to last Monday and Tuesday, however they stretched into early Wednesday. China is 12 hours ahead of Eastern Standard Time.

Even though her team has left China, a source close to the talks said that Baha Mar representatives and its Chinese partners were still in discussions.

Last night, the resort released a statement saying it would not give details about the negotiations until the talks had ended.

“In response to inquiries and media reports, Baha Mar Ltd today reiterated the continuing discussions are between private parties, and the sensitivity of their content is critical to being able to try to work toward a consensual resolution,” Paul Turnquest, director of public relations, said.

“Accordingly, as it previously has made clear, Baha Mar will not comment on these discussions and may not make any comment about them when these discussions are concluded.

“Bah Mar’s priority is to try to achieve a consensual resolution with the parties in a timely manner so that the Baha Mar project can move forward to be completed and opened successfully as soon as possible,” Mr Turnquest added.

The Tribune reported last week that a $300 million agreement to resolve Baha Mar’s woes was sunk when the warring parties were unable to agree to key details.

This agreement fell apart when Baha Mar filed for Chapter 11 bankruptcy on June 29.

Lawyers for Baha Mar, general contractor CCA and the government will head back to the Supreme Court next Monday, for another hearing into the resort’s application to have this jurisdiction approve US bankruptcy court orders.

Last week, Baha Mar’s legal team requested an adjournment to allow all sides to return to the negotiating table.