The Tribune

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

EDUCATION Minister Jerome Fitzgerald said yesterday he is surprised by the “level of unhappiness” some Bahamians have expressed at news that the government has struck a deal with the Export-Import Bank of China (CEXIM) to pay creditors and employees of Baha Mar and to restart work on the resort.

In the wake of Prime Minister Perry Christie’s announcement of the deal last week, reactions have been mixed.

Some have expressed relief and gratitude while others have knocked the Christie administration for not disclosing key details about the agreement.

Speaking to reporters outside Cabinet yesterday, Mr Fitzgerald said he was “privileged, honoured, humble and grateful” to be asked to participate in the negotiations.

Asked how much of his time was consumed by the negotiations, he said: “All of my time for the last six weeks.”

“When I say that, (I was) unable to sleep, got up two, three in the morning and did it again. A lot was at stake.”

Mr Fitzgerald did not directly answer questions about the overall amount of money that will be given to Bahamian creditors, but he said many are owed money.

“You’re talking about hundreds and hundreds of creditors,” he said. “We were surprised at how many Bahamian companies were involved, well over 1,000. That gives you an appreciation for the amount of Bahamians and Bahamian families that were involved which is why we’re just totally surprised to some great extent that so many people seem to be unhappy about what we have been able to negotiate for the Bahamian people because these are real people, real businesses and when you impact over 1,000 companies in this country you impact a lot of people so again I think we have to give God thanks for he is responsible for this outcome and we have to celebrate it with our people because to think of this happening anywhere else, it just doesn’t happen.

“Peter Whitehead said it right: it’s an impossibility in a liquidation where unsecured creditors would be paid the amount of monies that will be paid them. It just doesn’t happen. We have to give God thanks and just stop tearing each other down. It’s just sickening to be honest with you.”

The committee responsible for dealing with the claims of creditors and paying them met for the first time Monday evening, according to representative James Smith.

The members were told, Mr Fitzgerald said, to “take care of Bahamians.”

“The goal is to ensure they understand the parametres by which the committee would work and so forth,” he said.

Mr Fitzgerald did not confirm or deny Tall Pines MP Leslie Miller’s recent claim that creditors owed up to half a million dollars will be paid in full while those owed more money will be able to negotiate to receive 50 per cent of their debt.

“Leslie Miller would have to tell you where he got that information from,” he said. “I know the only thing I can tell you is that at the end of the day we are satisfied that the arrangements that were made and the negotiations that were held means that Bahamians will be satisfied. I think that’s the point at the end of the day.”

As for the creditors’ claims, Mr Fitzgerald said the applications process for them “will be very simple.”

“Most of those claims have already been made so I think the committee has a working document from the receivers which outlines that,” he said.