By ZNS News, Jul 29 2015 5:45PM
Statement from China Construction America on the Baha Mar negotiations
NASSAU, BAHAMAS - “We have continually acted in good faith and have gone above and beyond our obligation as a traditional construction contractor since the inception of Baha Mar. These actions have remained consistent throughout the duration of our negotiations with the Bahamian government, China Exim Bank and Baha Mar Ltd (BML).
We were represented at every meeting by senior leadership of CCA Bahamas and our parent company, China State Construction and Engineering Company (CSCEC), and have worked tirelessly with all of the parties to make significant compromises in order to try and reach a constructive and successful resolution.
As disclosed in our press release on July 27, 2015, we offered to invest an additional $100 million in Baha Mar Ltd. Additionally, in order to help satisfy China Exim Bank’s requirement that 100% of its new $200 million loan facility be guaranteed, we offered to provide a Financial Guarantee of $175 million to the China Exim Bank. In return of using the strength of our balance sheet to provide this guarantee, we requested Mr. Izmirlian provide our Company with a personal guarantee of not less than $100 million. We offered Mr. Izmirlian the option of providing his personal guarantee in any number of ways, including in the form of pledged collateral. Our offer to help satisfy China Exim Bank’s requirement of a full guarantee of the $200 million loan was rejected by Mr. Izmirlian.
This is precisely the reason a deal was unable to be consummated.
It is regrettable that we have been unable to reach a mutually beneficial agreement with all of the parties involved at this time. However, we stand ready to move forward in concert with any and all parties to get this project back on track as quickly as possible. Our priority since breaking ground has been to successfully complete this historic resort. We are looking forward to achieving this milestone before the high season.”
By ZNS News, Jul 29 2015 3:55AM
POLICE has launched an intense island-wide search for two armed suspects responsible for the shooting death of a man that occurred on Tuesday 28th July 2015.
According to reports, around 5:00pm, a man was walking on Podoleo Street with another man, when two
males armed with handguns approached and fired several shots at them before fleeing on foot.
The victim received multiple gunshot wounds and died from his injuries on the scene.
The identity of the victim is being withheld pending identification by next of kin.
By ZNS News, Jul 29 2015 3:53AMRead more...
By ZNS News, Jul 29 2015 3:52AM
The Bahamas National Festival Commission is calling the first-ever Junkanoo Carnival a ‘resounding success' that had a ‘positive’ impact on the country.
By ZNS News, Jul 29 2015 3:51AM
Prime Minister Rt. Hon. Perry Christie outlined several projects in the pipeline aimed at spurring economic growth in the Northern Bahamas.
By ZNS News, Jul 29 2015 3:51AMRead more...
By ZNS News, Jul 29 2015 3:50AMRead more...
By ZNS News, Jul 29 2015 3:49AMRead more...
By ZNS News, Jul 29 2015 3:48AM
Government officials gathered in West Grand Bahama Tuesday for the blessing of two new fire trucks and a new fire station.
By ZNS News, Jul 29 2015 3:46AMRead more...
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