KINGSTON, Jamaica – The Bahamas attorney general has expressed frustration with a decision by the developer of a $2.5 billion hotel-and-casino project in Nassau to file for bankruptcy protection in a U.S. court.
Allyson Maynard-Gibson says having a U.S. court decide major matters affecting the Bahamian economy would have "far-reaching implications" for a sovereign nation.
On Thursday, she said the islands' supreme court has decided to adjourn Baha Mar Ltd.'s application for Bahamian courts to recognize the Chapter 11 orders of a U.S. court in Delaware. The matter was adjourned until Tuesday.
Baha Mar says it is "extremely concerned and disappointed" by the decision. It successfully filed for U.S. Chapter 11 protection this week.
It says the adjournment has "very troubling implications" for the Chapter 11 process and efforts to open the project.