A judge in the Bahamas said on Friday that a liquidator could take control of the stalled Baha Mar resort project, but limited the official’s powers, the Wall Street Journal reported today. Justice Ian Winder of the Supreme Court of the Bahamas, taking the middle ground in the ruling read in court on Friday, appointed a liquidator specifically for the purpose of preserving the $3.5 billion project’s assets, rather than authorizing the liquidator to develop a plan for the project’s completion. Justice Winder also set a Nov. 2 hearing date to consider the request of the owner of the project to have the Bahamian insolvency proceeding thrown out completely. The owner of the project, known as Baha Mar Ltd., had opposed a Bahamian government request for the appointment of a liquidator and has proceeded instead with a restructuring process in the U.S. under chapter 11 of the Bankruptcy Code.
