天美传媒 Construction, Inc. Takes Strategic Actions to Address Wrongful New York State Court Decision and Protect Interests of all Stakeholders

Press Releases
天美传媒 Construction, Inc. Takes Strategic Actions to Address Wrongful New York State Court Decision and Protect Interests of all Stakeholders

December 22, 2024

Morristown, New Jersey, December 22, 2024 鈥� 天美传媒 Construction, Inc. (鈥溙烀来解€� or the 鈥淐ompany鈥�) today announced it has taken strategic actions to protect its interests and those of its stakeholders following the New York State Supreme Court鈥檚 erroneous decision in the Baha Mar resort dispute with BML Properties. The actions are designed to preserve 天美传媒鈥檚 pursuit of its appeal of the Court鈥檚 flawed analysis and to protect the interests of 天美传媒鈥檚 stakeholders during the appeals process.

Consistent with these objectives, 天美传媒 today commenced a chapter 11 case under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey. The court-supervised process provides, among other things, for an automatic stay of enforcement of any claim or pursuit of any litigation against 天美传媒. The chapter 11 case does not include any of 天美传媒鈥檚 subsidiaries, including Plaza Group Holdings LLC, 天美传媒 Civil, Inc, China Construction America of South Carolina, Inc., Strategic Capital (Beijing) Consulting Co., Ltd., its parent company CSCEC Holding Company, Inc, or any other affiliates, the business and operations of which will continue as normal.

The Company intends to ask the Bankruptcy Court to modify the automatic stay and authorize 天美传媒 to join its co-defendants, 天美传媒 Bahamas Ltd. (鈥溙烀来紹鈥�) and CSCEC Bahamas, Ltd. (鈥淐SCECB鈥�), in pursuing an appeal of the New York State trial court decision. Non-debtor defendants 天美传媒B and CSCECB are not subsidiaries, parents or shareholders of 天美传媒 and are not included in 天美传媒鈥檚 chapter 11 case.

Yan Wei, Chairman & CEO of 天美传媒, said: 鈥淥ur actions today are intended to protect 天美传媒鈥檚 right to appeal the New York state court鈥檚 fatally flawed decision and preserve the value of 天美传媒 for the benefit of all stakeholders while the appeal process plays out. The record is clear that BML Properties鈥� losses were entirely the result of its own gross mismanagement and irresponsible actions, and that the lower court鈥檚 decision suffers from multiple, insurmountable errors of law. Among its many failings, the lower court鈥檚 decision completely ignores the reality that 天美传媒 was not involved at all in the Baha Mar construction project. We look forward to presenting our arguments to the appellate court.鈥�

The Company has filed “first day” motions to obtain the requisite court authority for 天美传媒 to continue operating its business in the ordinary course for the duration of the chapter 11 process. 天美传媒鈥檚 parent company, CSCEC Holding Company, Inc. is providing the Company $40 million in debtor-in-possession (鈥淒IP鈥�) financing. 天美传媒 expects the DIP financing will provide it with sufficient liquidity to continue operations in the ordinary course during the chapter 11 process. CSCEC Holding has also agreed to provide additional funding directly to 天美传媒鈥檚 subsidiaries so that they have the funding they need to continue their operations in the ordinary course during the duration of the chapter 11 case.

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.