NASSAU, BAHAMAS – Deputy Prime Minister and Minister responsible for Tourism, Investments & Aviation Chester Cooper told reporters Thursday morning that government is allowing the ongoing New York Supreme Court battle between Sarkis Izmirlian and CCA Construction Inc, CCA Bahamas Ltd. and CSCEC (Bahamas) Ltd. (CCA), to run its course; but noted that “at this time there is no concern about loss of employment at the Bahamar, Margaritaville or British Colonial hotels.”
Cooper clarified that with Izmirlian looking to acquire liquidation if his submission is approved by the Supreme Court of the Bahamas, it doesn’t mean the hotels will close. The minister emphasized that his worries are low at this stage of the court battle.
CCA Bahamas Ltd.’s holdings includes the Margaritaville Beach Resort and the British Colonial Hotel. The two hotel properties were pledged, alongside an additional $355.1 million, by CCA Construction Inc last year as part of its attempt to satisfy a $1.6 billion dollar payment owed to Izmirlian.
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