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AIC Barbados ask creditors for extension
Thursday, 04 June 2009
There is further indication that all is not well <span style="font-weight: bold">at the company which holds the Caribbean assets</span> of Jamaican born Canadian-based billionaire Michael Lee-Chin.
AIC Barbados Limited has asked its creditors for another extension to make payments on maturing instruments.
In March, AIC Barbados entered into discussions with the creditors to restructure the maturities of notes.
They were promised that they would be repaid in three months following the sale of assets in its portfolio.
However, a statement on Wednesday from the Michael Lee-Chin led company said the divestment is taking longer than expected and discussions are taking place with its creditors in relation to extending repayment to November.
It said the global credit crisis and the recession have created significant liquidity pressures in the local and regional capital markets prompting AIC Barbados to restructure the maturities of notes.
The company, which is valued at more than US$1 billion, comprises several Caribbean holdings <span style="font-weight: bold">including Jamaica's largest deposit taking institution the National Commercial Bank.</span>
The statement issued on Wednesday insisted that the restructuring has no impact on the business holdings of AIC.
Thursday, 04 June 2009
There is further indication that all is not well <span style="font-weight: bold">at the company which holds the Caribbean assets</span> of Jamaican born Canadian-based billionaire Michael Lee-Chin.
AIC Barbados Limited has asked its creditors for another extension to make payments on maturing instruments.
In March, AIC Barbados entered into discussions with the creditors to restructure the maturities of notes.
They were promised that they would be repaid in three months following the sale of assets in its portfolio.
However, a statement on Wednesday from the Michael Lee-Chin led company said the divestment is taking longer than expected and discussions are taking place with its creditors in relation to extending repayment to November.
It said the global credit crisis and the recession have created significant liquidity pressures in the local and regional capital markets prompting AIC Barbados to restructure the maturities of notes.
The company, which is valued at more than US$1 billion, comprises several Caribbean holdings <span style="font-weight: bold">including Jamaica's largest deposit taking institution the National Commercial Bank.</span>
The statement issued on Wednesday insisted that the restructuring has no impact on the business holdings of AIC.