Bahamas concerned about US ruling for resort developer

Bahamas concerned approximately US ruling for resort developer

KINGSTON, Jamaica (AP) — 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.

p>Baha Mar says it is "extremely concerned & 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 & efforts to open the project.

Source: “Associated Press”