UPDATE 1-Bankrupt Baha Mar in Bahamas secures interim financing
(Recasts with approval of interim financing from bankruptcy court hearing)
By Tom Hals and Tim McLaughlin
WILMINGTON, Delaware, July 1 (Reuters) - The bankrupt $3.5 billion Baha Mar mega resort in the Bahamas secured up to $30 billion in interim financing on Wednesday, but it was unclear when construction on the stalled project would resume.
The resort, bankrolled and built by the Chinese and described on its website as "the world's glamourous, new playground, is eight to 12 weeks from completion once construction resumes, a lawyer for the resort told a bankruptcy judge.
U.S. Bankruptcy Judge Kevin Carey approved up to $30 million in interim financing for Baha Mar, one of the biggest commercial construction projects in the Western Hemisphere. Baha Mar's developer, Sarkis Izmirlian, the son of Armenian billionaire Dikran Izmirlian, has agreed to arrange the funding.
Thomas Dunlap, a top executive for Baha Mar, declined to comment after the hearing on any timeline for resuming construction..
The interim financing is for the next 30 days to pay salaries, benefits and key suppliers, for example. It does not come with any project milestones.
"I haven't seen that in a long time," Carey said at the hearing.
Meanwhile, major contractors on the project are no longer on site at the Baha Mar. ThyssenKrupp AG, which is supplying 66 elevators and eight escalators, has disabled all of the equipment for safety reasons and has left the site, company spokeswoman Kellie Harris said. Continuación...