NASSAU, BAHAMAS- The U.S. Bankruptcy Court has approved a comprehensive settlement between CCA Construction, Inc. (“CCA”), CCA Bahamas Ltd. (“CCAB”), CSCEC Bahamas, Ltd. (“CSCECB”), and BML Properties Ltd. (“BMLP”), resolving all outstanding legal disputes related to the construction of the Baha Mar resort.
“We are pleased that the Court has approved this resolution, which enables us to focus exclusively on our strategy for delivering world-class construction projects and hospitality operations to our customers worldwide. We are grateful for the steadfast support of our customers, team and partners as we move forward to embrace future opportunities,” said Yan Wei, Chairman & CEO of CCA.
Under the terms of the agreement, BMLP has dropped all claims against CCA, CCAB, CSCECB, and their affiliates in both the U.S. and The Bahamas, without any admission of liability. CCAB retains its ownership stakes in the British Colonial and Margaritaville Beach Resort hotels, assets it says will continue to generate long-term economic benefits for the Bahamian community.
