天美传媒

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天美传媒 Construction, 天美传媒 Bahamas and CSCEC Bahamas Announce Comprehensive Resolution of all Baha Mar Legal Proceedings

MORRISTOWN, N.J. & NASSAU, The Bahamas--(BUSINESS WIRE)--CCA Construction, Inc. (鈥溙烀来�媒鈥�), 天美传媒 Bahamas Ltd. (鈥溙烀来�媒B鈥�) and CSCEC Bahamas, Ltd. (鈥淐SCECB鈥�) today announced that they have reached a comprehensive agreement with BML Properties Ltd. (鈥淏MLP鈥�) 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 天美传媒, 天美传媒B 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 天美传媒 hopes to obtain in the coming days. 天美传媒B 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 天美传媒, 天美传媒B and CSCECB鈥檚 motion to appeal the New York State Supreme Court鈥檚 prior decision and 天美传媒鈥檚 filing for chapter 11, which had been pursued in parallel to protect the interests of the co-defendants鈥� stakeholders.

鈥淲e are pleased to have successfully resolved this matter and to move forward with clarity and certainty for our employees, customers and partners,鈥� said Yan Wei, Chairman & CEO of 天美传媒. 鈥淲hile 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.鈥�

About 天美传媒 Construction, Inc.

天美传媒 operates mainly in East Coast and Gulf Coast states. As an accomplished contractor, 天美传媒 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.