The memorandum relates to the non-acceptance of the Chapter 11 bankruptcy case filed by Baha Mar under U.S. bankruptcy law
Nassau, Bahamas, September 17, 2015 /PRNewswire/ -- CCA Bahamas, a wholly-owned indirect subsidiary of China State Construction Engineering Corporation Limited (CSCEC, referred to as "CSCEC" or "China Construction") and the construction manager/general contractor of the $3.5 billion Baha Mar resort project, today issued the following statement in response to the memorandum from the U.S. Bankruptcy Court for the District of Delaware regarding the non-acceptance of the Chapter 11 bankruptcy case filed by Baha Mar Ltd.
"CCA Bahamas welcomes Judge Kevin Carey's Kevin Careyruling that the vast majority of claims in Baha Mar Ltd.'s Chapter 11 bankruptcy case are not accepted, and supports the decision of the U.S. Bankruptcy Court for the District of Delaware that issues regarding the Baha Mar resort project are best resolved within The Bahamas. This decision protects the interests of all key stakeholders and brings the greatest possible certainty to the future of the Baha Mar resort project."
"As the Baha Mar liquidation process continues to move forward, CCA Bahamas remains committed to cooperating with the Provisional Liquidators appointed by The Bahamian Supreme Court. We have an in-depth understanding of the Baha Mar resort project and possess unique expertise. We are ready, willing, and able to redeploy appropriate resources to complete the Baha Mar resort project as soon as possible."
Established in 1985, CCA is the North and South America subsidiary of CSCEC. CSCEC is a publicly listed company on the Shanghai Stock Exchange, with a total market value of $48 billion as of June 2015. Ranked 37th on the Fortune Global 500 in 2015 and No. 1 among global contractors by ENR in 2014, CSCEC possesses advantages unmatched by other construction companies in the world.
CCA Bahamas is a wholly-owned indirect subsidiary of CSCEC, founded on the principles of integrity and innovation, with a commitment to quality assurance and value creation. With revenues of approximately $2 billion in 2014, CCA Americas ranked as the 32nd largest contractor in the United States. Guided by its core values, CCA Americas is dedicated to creating value for all stakeholders, building a better Bahamas and a better world.