Legal proceedings at the New York Court of Appeals and in The Bahamas finally concluded after a decade
CCA Construction, CCA Bahamas and CSCEC Bahamas, have announced that they have reached a comprehensive agreement with BML Properties to resolve their legal dispute over the construction of the Baha Mar resort.
The settlement follows the October 2024, New York Supreme Court ruling awarding over $1.6 billion to BML Properties against CCA and its affiliates.
Sarkis Izmirlian, chair of BML Properties Ltd. and the original developer of the Baha Mar resort in Nassau, Bahamas, stated: “We are pleased to have put this matter behind us and reached a resolution that meets our expectations. The economic impact of Baha Mar will be felt for decades to come, and we remain proud to have been the visionaries behind this landmark development. I want to extend my heartfelt thanks to the people of The Bahamas for their unwavering support and the many letters of encouragement throughout the past decade.”
The litigation stemmed from disputes that arose during the final stages of developing the Baha Mar resort. As these issues escalated, they led to a series of complex legal actions filed in multiple jurisdictions over the past decade. With the settlement now finalized, all outstanding matters related to these long-running disputes will be fully resolved.
In accordance with the agreement, BMLP is dropping all claims in the U.S. and The Bahamas against CCA, CCAB and CSCECB and their respective affiliates without any admission of liability on their part. The agreement is subject to approval by the U.S. Bankruptcy Court in New Jersey, which CCA hopes to obtain in the coming days. CCAB will retain its ownership interest in the British Colonial and Margaritaville Beach Resort hotels, which the company believes will benefit the entire Bahamian community well into the future.
The resolution follows CCA, CCAB and CSCECB’s motion to appeal the New York State Supreme Court’s prior decision and CCA’s filing for chapter 11, which had been pursued in parallel to protect the interests of the co-defendants’ stakeholders.
“We are pleased to have successfully resolved this matter and to move forward with clarity and certainty for our employees, customers and partners,” said Yan Wei, Chairman & CEO of CCA. “While we remain convinced by the strength of our legal arguments, bringing this matter to a close is in the best interests of our stakeholders and will allow us to focus fully on our strategy for delivering world-class construction projects and hospitality operations to our customers. We thank our team and partners for their continued support and look forward to many opportunities together. We also want to extend our appreciation to the people and businesses of The Bahamas for their continued friendship and trust as we look to deepen our relationships in the country.”
The post CCA Construction, CCA Bahamas and CSCEC Bahamas announce comprehensive resolution of all Baha Mar Legal proceedings appeared first on G3 Newswire.
Legal proceedings at the New York Court of Appeals and in The Bahamas finally concluded after a decade CCA Construction, CCA Bahamas and CSCEC Bahamas, have announced that they have reached a comprehensive agreement with BML Properties to resolve their legal dispute over the construction of the Baha Mar resort. The settlement follows the October…
The post CCA Construction, CCA Bahamas and CSCEC Bahamas announce comprehensive resolution of all Baha Mar Legal proceedings appeared first on G3 Newswire.