Business
CCA Hiding Behind Chapter 11 Bankruptcy
NEW YORK – Days after China Construction America filed for Chapter 11 Bankruptcy, BML Properties Limited Chair Sarkis Izmirlian is speaking on the matter.
NEW YORK – Days after China Construction America filed for Chapter 11 Bankruptcy, BML Properties Limited Chair Sarkis Izmirlian is speaking on the matter.
In a statement, Izmirlian said this is just another example of CCA and its multibillion-dollar parent Company China State Construction engineering corporation attempting to evade responsibility for its actions by hiding behind Chapter 11 proceedings.
Back in October, New York Supreme Court Justice Andrew Borrow awarded Izmirlian over $1.6 billion in damages siting multiple instances of fraud.
CCA has since appealed the ruling. The appellate division of the New York Supreme Court dismissed CCA’s motion and lifted an interim stay granted in November.
The bankruptcy affidavit filed in New Jersey said CCA’s financial challenges, which began in 2015, were caused by several factors outside of its control, including a broad retreat from, and policy changes negatively impacting, Chinese investment in U.S.-based construction projects.”
It continues, “these business headwinds were further exacerbated by the 2017 commencement of the Baha Mar litigation and the allegations made by BML therein, which undermined CCA’s ability to win and execute new business.”
China State Construction Engineering Corporation Bahamas and CCA Bahamas are listed as defendants in the matter.
CCA Bahamas owns British Colonial and Margaritaville Beach Resort. The two did not file for chapter 11.
Wei says the recent ruling in NYC was wrong and believes it will be reversed once the appeal is heard.
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