The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Opposition’s deputy leader yesterday described Sir Sol Kerzner’s involvement in a group seeking to operate and complete the $3.5 billion Baha Mar project as an “interesting development if everything holds up”.

K P Turnquest said: “Considering Mr Kerzner’s legacy with the Atlantis property and what’s there, it would certainly be interesting to see how all the pieces fit and if it can work.

“It’s kind of ironic, really. How will all play out, I’m not sure. Ultimately, ensuring that the resort is completed and opened is critical ,so we will just have to wait and see what develops.

“It’s kind of ironic actually, given how the PLP has treated Mr Kerzner in the past that his name is now surfacing in this Baha Mar matter.”

  The Tribune yesterday reported that a deal in principle has been struck between Island Capital Group, a private real estate merchant bank led by Andrew Farkas, and partnered by Sir Sol, with the China Export-Import Bank and China State Construction Engineering Corporation.

Representatives from Island Capital Group were said to have been in Beijing working out the details of the agreement, although they may not be the only group with interest in the property.

Last month, Baha Mar was put into receivership, ending a summer of insolvency which saw more than 2,000 employees laid off. It was originally scheduled to open in December 2014. 

Baha Mar filed for Chapter 11 bankruptcy protection in a US Bankruptcy Court for 15 of its companies on June 29. However, in September, a US judge threw out the Chapter 11 cases for Baha Mar’s Bahamian companies.

On September 4, Edmund Rahming of KRyS Global, and Mark Nicholas Cropper and Alastair Beveridge of AlixPartners Services UK, were appointed as joint provisional liquidators and given the task of overseeing Baha Mar.

On October 30 following the Supreme Court’s ruling, Mr Winder said receivership by Deloitte & Touche would allow for the continuation of the process started by the court-appointed liquidators.