After intense negotiations between Baha Mar and the Scotiabank lenders an agreement on the broad parameters has been reached for the settlement of the outstanding $200 million loan.
Though no final agreement has yet been determined, this progress brings the Baha Mar development closer to proceeding. Once the loan agreement is settled the Bahamas government will be able to move forward with the decision on the 8,000 work permits.
the House of Assembly had shelved the resolution debate over the work permits because without the resolution of the loan the Baha Mar project would not go ahead.
