The Export-Import Bank of China is joining China Construction America Inc. in seeking a dismissal of Baha Mar's chapter 11 of case, showing a unified front against the Bahamas resort's restructuring bid, Dow Jones Newswires reported yesterday. The Chinese bank, in its first official move in the resort's U.S. bankruptcy case, filed the motion to dismiss the chapter 11 case on Monday. The bank, which has lent the project $2.4 billion, says that a dismissal "will clear the path to an efficient and fair restructuring of the Bahamian Debtors under Bahamian law with the full support of the Bahamian Government and Bahamian courts." China Construction America, which Baha Mar has blamed for missing deadlines and causing it to seek bankruptcy protection, is also asking a judge to dismiss the case. Both motions are scheduled to be heard by Judge Kevin Carey on Aug. 17.
