Profile cover photo
Profile photo
Sandesh Bhoite
3 followers
3 followers
About
Posts

Post has shared content
Add a comment...

Post has shared content
Who will prove ‘Vazandar’? Priya Bapat or Sai Tamhankar?
कोण आहे तुमची आवडती अभिनेत्री, प्रिया बापट कि सई ताम्हणकर ?
Find out & comments at http://bit.ly/1of3dMD 

#PriyaBapat   #SaiTamhankar  
Photo
Add a comment...

Post has shared content

Post has shared content
Add a comment...

Post has shared content
Add a comment...

Post has shared content
There may not be many 75-plus CM hopefuls but young India is voting for older politicians: http://ow.ly/Jgc0302ch5r
Photo
Add a comment...

Post has shared content

Post has shared content
What makes Tour de France the world’s most gruelling cycling race? Read at http://ow.ly/SS4f302hqnJ
Photo
Add a comment...

Post has shared content
ek number
Meet Shweta Mahadik, She is more popular today, as a Hindi serial actress. Thanks to her performances in the serials like 'Meri Bhabhi' and 'Balika Vadhu'. But, she has also performed in popular Marathi serials, including 'Devyani'. 
Know more about her @ http://bit.ly/shwtaintrvw

#Actress   #ShwetaMahadik   #Actress   #Television   #Films   #Movie   #HindiSerial   #MarathiSerial   #MarathiMovie   #ShwetaMahadikInterview   #Pictures   #BalikaVadhu   #MeriBhabhi   #PopularSerials   #PopularActress   #Interview   #Spotlight   #Pictures   #Cinema   #Movies   #MMW   #MarathiMovieWorld   #Devyani   #Channel  
Photo
Add a comment...

Post has shared content
China Construction Says Developers Mismanaged Finances, Design Of $3.5 Billion Baha Mar Resort

The Chinese construction firm that is the general contractor for Baha Mar, a $3.5 billion resort development in the Bahamas that has repeatedly delayed its planned opening, fired back at the project’s developer today, accusing it of financial and design mismanagement.

Last week Baha Mar filed for bankruptcy protection in Delaware, with CEO Sarkis Izmirlian blaming China State Construction for delaying the  project due to missed construction timelines. The developer then filed a lawsuit in London against China State Construction Engineering Corporation Limited, accusing it of breaching contract obligations. The lawsuit seeks up to US $192 million in damages for Baha Mar’s developers.

Baha Mar is to contain four hotels, a Jack Nicklaus golf course, and more than 40 restaurants. The Chinese have been involved not only as the general contractor, but as a financing partner, with $2.4 billion financed by the Export-Import Bank of China . Today the Chinese contractor, which has a $150 million equity stake in Baha Mar, placed blame for the bankruptcy squarely on the developer.

“Baha Mar Ltd.’s decision to file for bankruptcy protection is the direct result of its failure to secure adequate financing and its mismanagement of the design of Baha Mar resort project,” said today’s statement from CCA Bahamas Ltd., the subsidiary of the Chinese firm handling the Baha Mar project. “This mismanagement includes replacing the principal architect after construction had commenced, the late and incomplete delivery of design packages and over 1,300 Construction Change Directives. The vast majority of the Baha Mar debtors are organized under the laws of the Bahamas, the Baha Mar project is located in the Bahamas, and the Bahamian people are deeply invested in the future of the project. Baha Mar Ltd.’s decision to file for bankruptcy protection in the United States was, therefore, misplaced and calculated to benefit the project’s developer over the interests of the Bahamas and its people.”


CCA Bahamas also said that the company and its subcontractors had done some $72 million of work since February 2015 without pay. “Our aggregate investment in and commitment to the project, including money advanced by [China State Construction] on behalf of the developer, approximates $220 million. We have continually acted in good faith in the performance of this work reliant upon the belief that Baha Mar Ltd. would fulfill its responsibilities as the owner.”

The developer shot back with its own statement: “Our Chapter 11 filings and our litigation against defendant China State Construction Engineering Corporation, the parent of CCA, all speak to the failed construction performance of the general contractor and the resulting disturbing consequences. We therefore are not going to comment on CCA’s press release attempt at damage control.”

China State Construction Engineering Corporation Limited is a $48 billion (market cap) public company listed on the Shanghai Stock Exchange that is majority-owned by the Chinese government. Its subsidiary, China Construction America, is ranked the No. 32 contractor in the U.S. by the Engineering News-Record based on its revenue of $1.99 billion in 2014.

CCA Bahamas has retained Island Capital Group, Andrew Farkas’ private real estate merchant bank, as its restructuring and financial advisor in relation to the Baha Mar project. It has retained law firms of Shearman & Sterling LLP; Peckar & Abramson; Squire Patton Boggs in the United States and McKinney, Bancroft & Hughes in Nassau, Bahamas in connection with the bankruptcy proceedings and in the Bahamas.

Source : http://www.forbes.com/sites/erincarlyle/2015/06/29/baha-mar-resorts-to-chapter-11-bankruptcy-blames-china-construction-for-delays/
Add a comment...
Wait while more posts are being loaded