Bahamas, 24 Sept 2015 – Court-appointed Joint Provisional Liquidators for Baha Mar KRyS-Global (Bahamas) and UK-based AlixPartners today delivered good news to more than 2,000 Baha Mar employees – they have secured funding to pay salaries and employee benefits.
The news came in the form of a letter addressed to staffers of several Baha Mar-related companies, including those working for Baha Mar Ltd., Baha Mar Land Holdings Ltd., Cable Beach Resorts Ltd., Baha Mar Enterprises Ltd., BMP Three Ltd., Baha Mar Properties Ltd. and BMP Golf Ltd.
According to Edmund Rahming of KRyS-Global and Alastair Beveridge and Nick Cropper of AlixPartners, consistent efforts that began with their appointment on September 4 have resulted in funding that will cover all salaries and benefits from the time of that appointment.
“This will mean that for the payroll due to be paid this week, employees who are paid on a monthly payroll cycle will receive payment for the period 4 September to 30 September 2015, a period of 27 days; and employees paid on a bi-weekly payroll cycle will receive payment due in respect of the two week period 7 September to 20 September 2015,” they said.
The Joint Provisional Liquidators also assured employees that they intend to meet all employee benefits, including pension entitlements, accruing from the date of their appointment onwards and they will be taking steps to ensure that existing medical insurance coverage is maintained.
Employee benefits which have accrued but are unpaid in relation to the period prior to 4 September 2015 will remain outstanding until additional funding can be secured.
As previously advised, employees of Meliá Nassau Beach Hotel will continue to be paid their salary and benefits in the ordinary course of business.
“The Provisional Liquidators appreciate that this is a difficult time for all employees,” the letter said. “Please be assured that the Provisional Liquidators are continuing their efforts to work with key stakeholders in order to identify the most appropriate way forward.”