Baha Mar and the ScotiaBank-led syndicate have reached a settlement agreement for the outstanding loan issues. As part of the settlement the Scotiabank syndicate will become an equity participant in the Cable Beach development.
Hoping to begin construction within 2010 Sarkis Ismirlian, chairman and CEO of Baha Mar, said, “With this agreement in place, we are hopeful the government of the Bahamas will move expeditiously to provide the necessary approvals – as they recently said they would – so that we can commence this project, which holds such significant economic and job benefits for the Bahamas, and which will transform the Bahamas into one of the premier global resort destinations.”
