Bahamas Prime Minister Perry Christie announced the local government reached a financing agreement for the nearly finished Baha Mar Casino and Hotel.
The $3.5 billion casino development was to open two years ago, but delays put the project in bankruptcy in a U.S. bankruptcy court in Delaware.
Christie said several days of negotiations with Chinese banks were fruitful and resulted in a tentative agreement on completing Baha Mar, which Christie says is almost ready to open.
BMD Holdings is skeptical of Christie’s claim and says past performance indicates the project won’t open soon.
The original developers of Baha Mar recently failed in their bid to wrest control of a $192 million claim currently controlled by bankruptcy receiver Deloitte & Touche.
The $192 million claim arises from a 2012 guarantee made by China Construction America’s parent company, the China State Construction Engineering Corporation, which guaranteed the job would be done on time.
It wasn’t, and the Baha Mar filed its legal claim against the Chinese builders June 30, 2015, a day after filing for bankruptcy protection.
