CCA Construction, CCA Bahamas and CSCEC Bahamas Announce Comprehensive Resolution of all Baha Mar Legal Proceedings

Agreement Subject to U.S. Bankruptcy Court Approval

Legal Proceedings at the New York Court of Appeals and in The Bahamas Concluded

MORRISTOWN, N.J. & NASSAU, The Bahamas–(BUSINESS WIRE)–CCA Construction, Inc. (“CCA”), CCA Bahamas Ltd. (“CCAB”) and CSCEC Bahamas, Ltd. (“CSCECB”) today announced that they have reached a comprehensive agreement with BML Properties Ltd. (“BMLP”) to resolve their legal dispute over the construction of the Baha Mar resort.

In accordance with the agreement, BMLP is dropping all claims in the U.S. and The Bahamas against CCA, CCAB and CSCECB and their respective affiliates without any admission of liability on their part. The agreement is subject to approval by the U.S. Bankruptcy Court in New Jersey, which CCA hopes to obtain in the coming days. CCAB will retain its ownership interest in the British Colonial and Margaritaville Beach Resort hotels, which the company believes will benefit the entire Bahamian community well into the future.

The resolution follows CCA, CCAB and CSCECB’s motion to appeal the New York State Supreme Court’s prior decision and CCA’s filing for chapter 11, which had been pursued in parallel to protect the interests of the co-defendants’ stakeholders.

“We are pleased to have successfully resolved this matter and to move forward with clarity and certainty for our employees, customers and partners,” said Yan Wei, Chairman & CEO of CCA. “While we remain convinced by the strength of our legal arguments, bringing this matter to a close is in the best interests of our stakeholders and will allow us to focus fully on our strategy for delivering world-class construction projects and hospitality operations to our customers. We thank our team and partners for their continued support and look forward to many opportunities together. We also want to extend our appreciation to the people and businesses of The Bahamas for their continued friendship and trust as we look to deepen our relationships in the country.”

About CCA Construction, Inc.

CCA operates mainly in East Coast and Gulf Coast states. As an accomplished contractor, CCA provides services including program management, construction management, general contracting, design-build and public-private partnerships (PPP) for public and private clients. Its practical business approach and ambitious, yet prudent, development strategies enable the company to deliver high-profile and nonpareil commercial, residential, educational, industrial and heavy construction projects.

Contacts

Media Contact
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CCA-US@fgsglobal.com