May 28, 2017 10:04 PM ET

Hotels, Restaurants and Leisure

Company Overview of Baha Mar Land Holdings Ltd.

Company Overview

Baha Mar Land Holdings Ltd., through its subsidiary, owns and operates a hotel. The company is based in Bahamas. The company operates as a subsidiary of Baha Mar Ltd.

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Bahamas

Key Executives for Baha Mar Land Holdings Ltd.

Baha Mar Land Holdings Ltd. does not have any Key Executives recorded.

Baha Mar Land Holdings Ltd. Key Developments

Joint Reorganization Plan Filed by Northshore Mainland Services Inc.

Northshore Mainland Services Inc., along with its affiliates, filed a joint plan of reorganization in the US Bankruptcy Court on August 26, 2015. As per the plan filed, Administrative Claims, U.S. Trustee Fees, Professional Compensation Claims, DIP Claims of $80 million, Priority Tax Claims, Other Priority Claims and Other Secured Claims will be paid in full in cash. CEXIM Bank Facility Claims will be settled by issuing New CEXIM Bank Facility in an amount equal to the principal amount of claim. CCA Claims and CSCEC (Bahamas) Claims will be settled by issuing New CCA Note in an amount equal to the principal amount of claim. Convenience Claims brought down to $0.01 million or below will be paid in full in cash. U.S. General Unsecured Claims will receive a New Baha Mar Note in an amount equal to the principal amount of such claim. Intercompany Claims, Non-U.S. Unsecured Claims, Employee Claims and GOB Claims will be reinstated. Existing Baha Mar Ltd. Series A Preferred Stock, Existing Baha Mar Ltd. Common Stock and Existing BML Properties Ltd. Stock will be cancelled. Intercompany Interests will be reinstated. The plan will be funded by cash in hand and New Baha Mar Common Equity. The debtor will also issue New CEXIM Bank Facility, New CCA Notes, New Baha Mar Notes and Exit Facility to fund the plan.

Interim DIP Financing Approved for Northshore Mainland Services Inc.

The US Bankruptcy Court gave an order to Northshore Mainland Services Inc. to obtain DIP financing on an interim basis on July 1, 2015. As per the order, the debtor has been authorized to obtain a term loan in the amount of $30 million out of $80 million from Granite Ventures Ltd. The DIP loan would carry an interest rate of LIBOR plus 6% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries an upfront fee of 0.5% and the unused fee of 0.5% on the unused portion of the DIP loan payable in monthly arrears. The DIP facility would mature either on August 13, 2015 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.28 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final hearing has been scheduled for August 3, 2015. Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger PA acted as advisor to the DIP parties.

Similar Private Companies By Industry

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Old Bahama Bay Resort Americas

Recent Private Companies Transactions

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