July 17 (Reuters) - Bahamas Prime Minister Perry Christie has called for liquidators to take control of an unfinished $3.5 billion resort largely bankrolled and built by the Chinese, after talks broke down in Beijing about how to complete the rest of the project.
Christie said in a speech Thursday night that talks between the resort’s developer, Sarkis Izmirlian, and China’s export import bank ended without resolution.
Christie said the Bahamas attorney general will proceed with compulsory or involuntary liquidation proceedings with the ultimate goal of opening the resort.
“(These proceedings) are designed to work in very similar terms as a Chapter 11 (bankruptcy), but with the stark difference that they will be controlled by provisional liquidators under the supervision of the Bahamian courts rather than being controlled by Mr. Izmirlian,” Christie said.
Reporting By Tim McLaughlin; Editing by Chizu Nomiyama