Bahamian project’s bankruptcy case dismissed

Miami /
Oct.October 04, 2015 01:00 PM

A U.S. judge dismissed a bankruptcy case by Baha Mar, owner of a stalled $3.5 billion resort development in the Bahamas.

Judge Kevin Carey of the U.S. Bankruptcy Court in Wilmington, Delaware, ruled that the matter “is truly an international case” over which the court has no jurisdiction.

In a finding last summer, Justice Ian Winder of the Supreme Court of the Bahamas said the Bahamian government and other stakeholders in the Baha Mar development expected that the Bahamas would be the venue for insolvency proceedings.

Judge Carey agreed with that finding, which was the basis for his dismissal of the U.S. bankruptcy case of Baha Mar.

Judge Carey made an exception for one entity that Baha Mar had put into bankruptcy, Northshore Mainland Services Inc.

Incorporated in Florida, Northshore manages U.S. operations. Judge Carey said creditors of Northshore could not have expected the company to seek bankruptcy protection in a foreign court.

Lawyers for two major creditors of Baha Mar, China Construction America and the Export-Import Bank, have argued that legal issues related to Baha Mar should be resolved by court with jurisdiction over the government of the Bahamas. [Wall Street Journal] — Mike Seemuth


Related Articles

arrow_forward_ios
A rendering of the the property at 3601 North Miami Avenue and HES Group CEO Francisco Arocha (Photos via HES, Francisco Arocha)
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)
Bankruptcy judge paves way for Metronomic property auction
Bankruptcy judge paves way for Metronomic property auction
CMX emerges from bankruptcy after filing in April (Getty, Wheeling Town Center)
Encore: CMX Cinemas parent emerges from bankruptcy
Encore: CMX Cinemas parent emerges from bankruptcy
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)
Madison Realty closes on Costa Hollywood Beach condos for $43M
Madison Realty closes on Costa Hollywood Beach condos for $43M
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Miami developer Metronomic files for bankruptcy
Miami developer Metronomic files for bankruptcy
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)
It’Sugar files for bankruptcy protection after sales sour
It’Sugar files for bankruptcy protection after sales sour
A Toojay's Deli location (Google Maps)
Lender acquires TooJay’s out of bankruptcy
Lender acquires TooJay’s out of bankruptcy
777 North Ocean Drive, Hollywood (Credit: Google Maps)
Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...