The Baha Mar resort’s Chinese lender has decided to foreclose on the $3.5 billion resort in the Bahamas and has appointed a receiver to bring the delayed project to completion, roughly six weeks after it was thrown out of bankruptcy protection in the U.S., the Wall Street Journal reported today. The move by the Export-Import Bank of China, which received Bahamian court approval to name Deloitte to the receiver role, comes a few weeks after some 2,000 employees in the Bahamas lost their jobs at the partially completed resort at the request of court-appointed liquidators. The employees had been kept on the payroll at the partially completed resort with the help of the Bahamian government.
