Bankrupt Baha Mar Bahamas resort 8-12 weeks from completion
July 1 (Reuters) - The troubled $3.5 billion Baha Mar mega resort in the Bahamas, bankrolled and built by the Chinese, is eight to 12 weeks from completion once construction resumes, a lawyer for the resort told a bankruptcy judge on Wednesday.
Baha Mar, which filed for bankruptcy protection in a Delaware court on Monday, needs more financing to restart the stalled project, which will feature more than 2,000 hotel rooms and a Las Vegas-style casino.
At a court hearing, lawyer Mark Shinderman, a partner at Milbank Tweed Hadley & McCloy, said the project could be completed in 12 weeks once construction resumes. He said the project is currently 97 percent complete.
The Export-Import Bank of China financed most of the project with a $2.45 billion loan. But project developer Sarkis Izmirlian, whose group has invested $850 million in the resort, blamed China State Construction's China Construction America (CCA) wholly-owned subsidiary for "missed construction deadlines" in a statement released on Monday. (Reporting by Tim McLaughlin; Editing by Leslie Adler)
© Thomson Reuters 2017 All rights reserved.