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Lee-Chin's Portland (Barbados) makes bond payment agreement

Portland (Barbados) Limited, a company controlled by Jamaican entrepreneur Michael Lee-Chin, has agreed to pay the trustee US$16 million plus interest, between May 29 and August 15, 2024.
 
Republic Bank Limited announced last week that the company defaulted on its obligations, under the supplemental trust deed, to pay noteholders the final bullet payment of US$23 million on April 30.
 
As reported by the Guardian newspaper, the current collateral for the US$23 million note is $4 million in cash, as well as shares in Jamaica's NCB Financial Group, which were pledged with the stock exchanges of Jamaica and Trinidad and Tobago.


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