COURT APPROVES THE INTERIM DEBTOR IN POSSESSION FINANCING ARRANGED BY SARKIS IZMIRLIAN, BAHA MAR'S DEVELOPER
NASSAU, Bahamas, July 1, 2015 /PRNewswire/ -- Baha Mar Ltd. today moved forward with its Chapter 11 process, receiving Court approval for, among other key initiatives, the continued payment of salaries and benefits, payment of ordinary course suppliers and vendors for any post-petition claims, and the operation of certain customer loyalty and other programs.
To enable Baha Mar to undertake these initiatives, the Court approved the interim Debtor in Possession (DIP) financing arranged by Sarkis Izmirlian, Baha Mar's developer. Specifically, the total DIP facility is up to $80 million of which up to $30 million will be utilized by Baha Mar over the next 30 days.
Mr. Izmirlian stated, "Our goal is to complete construction and successfully open Baha Mar as a world-class destination resort that will attract guests from across the globe and serve as a key economic sparkplug in The Bahamas. The Chapter 11 process provides us the best path to position us to achieve this goal."
More information about Baha Mar's voluntary undertaking of the Chapter 11 process is available at www.bmpathforward.com. Information for suppliers and vendors is available at 855-410-7357 (U.S.) or +1-646-795-6963 (International). The court case number is 15-11402.
Milbank, Tweed, Hadley & McCloy, LLP and Kobre & Kim, LLP are acting as legal advisors, and Moelis & Company is acting as financial advisor to the filing entities.
About Baha Mar
Baha Mar is set on 3,000 feet of white sandy beach just 10 minutes from Nassau's fully renovated and expanded international airport. It will feature elite hotels with gaming, entertainment, private residences, shopping and natural attractions that reflect an authentic Bahamian experience. Amenities will include a Jack Nicklaus Signature golf course; 200,000 square feet of flexible convention facilities, including a 2,000-seat entertainment venue; art galleries featuring Bahamian art; more than 40 restaurants, bars and clubs; global luxury designer and local artisan boutiques; and 20 acres of exquisitely landscaped beach and pool experiences, including a beachfront sanctuary with native Bahamian flora and fauna. For more information during this process please visit www.bmpathforward.com.
Kekst and Company
Jeremy Fielding/Stef Goodsell/Ross Lovern
+1 (212) 521-4806
SOURCE Baha Mar Ltd.