U.S. Bankruptcy Court Approves Comprehensive Resolution of all Baha Mar Legal Proceedings

Morristown, New Jersey and Nassau, The Bahamas – A major legal chapter in the Baha Mar story is closing after a U.S. bankruptcy court approved a comprehensive settlement between CCA and BML Properties developer Sarkis Izmirlian.

In a statement, CCA and its affiliates said they are “pleased” with the court’s decision, adding the resolution allows the company to focus fully on delivering “world-class construction projects and hospitality operations” around the globe.

Under the agreement, BML Properties is dropping all claims in the U.S. and The Bahamas, with no admission of liability from CCA or its affiliates.

CCA will also retain ownership of the British Colonial and Margaritaville Beach Resort, which it says will continue to benefit the Bahamian community.

Last week Izmirlian called the resolution “long-awaited,” thanking Bahamians for their support, while CCA’s CEO says the agreement is in everyone’s best interest.