Despite Wednesday's
surprise announcement of the sale of one of his companies, Jamaican-born
billionaire Michael Lee-Chin will still have to look elsewhere to raise cash to
repay bondholders in AIC Barbados Limited.
News came on Wednesday that AIC Global Holdings will sell AIC Limited, to one of the largest insurers in North America, Manulife Financial Corporation.
But the funds from the sale will not be used to pay AIC Barbados bondholders who are owed more US$30 million in overdue debt.
In June Mr. Lee Chin asked for a five month extension to make payments.
"The primary purpose of it is to fund those commitments through assets within AIC Barbados and those processes continue. What this do, is strengthen the financial flexibility of the overall group so it does increase our overall financial flexibility," said senior executive at AIC Global Holdings Robert Almeida.
And Mr. Almeida says the deal with Manulife Financial Corporation has no connection whatsoever with National Commercial Bank.
AIC Barbados owns the majority of shares in NCB.
Mr. Almeida says the transaction is a stand alone deal and will not affect AIC's shareholding in the island's largest commercial bank.
"No impact on NCB. AIC Barbados is a sister company of AIC Limited and NCB is owned by AIC Barbados really this kind of action has nothing to do with AIC Barbados," Mr. Almeida said.
News came on Wednesday that AIC Global Holdings will sell AIC Limited, to one of the largest insurers in North America, Manulife Financial Corporation.
But the funds from the sale will not be used to pay AIC Barbados bondholders who are owed more US$30 million in overdue debt.
In June Mr. Lee Chin asked for a five month extension to make payments.
"The primary purpose of it is to fund those commitments through assets within AIC Barbados and those processes continue. What this do, is strengthen the financial flexibility of the overall group so it does increase our overall financial flexibility," said senior executive at AIC Global Holdings Robert Almeida.
And Mr. Almeida says the deal with Manulife Financial Corporation has no connection whatsoever with National Commercial Bank.
AIC Barbados owns the majority of shares in NCB.
Mr. Almeida says the transaction is a stand alone deal and will not affect AIC's shareholding in the island's largest commercial bank.
"No impact on NCB. AIC Barbados is a sister company of AIC Limited and NCB is owned by AIC Barbados really this kind of action has nothing to do with AIC Barbados," Mr. Almeida said.
All feeds
