NASSAU, BAHAMAS—The developer of the Baha Mar resort here, which was originally scheduled to open last December, has filed for Chapter 11 bankruptcy protection.
The $3.5-billion development, which will include four hotels with more than 2,000 rooms, a golf course and more than 40 restaurants and bars, has experienced multiple delays in openings. According to developer Sarkis Izmirlian, the delays have been the result of mismanagement by China Construction America, the contractor on the project.
According to the filing, which was made in the U.S. Bankruptcy Court of the District of Delaware, Izmirlian is arranging the funding for the debtor-in-possession (DIP) financing facility of up to $80 million, up to $30 million of which will be used by Baha Mar in the next 30 days. The statement did not specify a new time frame for the opening of the resort.