A US-based subsidiary of China State Construction Engineering Corp. dragged into bankruptcy last year after losing a $1.6 billion judgment over construction of the Baha Mar resort reached a settlement with the developer.
CCA Construction Inc. has resolved long-running litigation with its largest creditor, BML Properties Ltd., a “critical step” in the company’s efforts to conclude its Chapter 11 bankruptcy, it said in a Nov. 26 filing with the US Bankruptcy Court for the District of New Jersey.
The agreement contemplates an undisclosed cash payment to the Nassau, Bahamas, resort developer, which won a New York state court judgment in ...