The Michael Lee-Chin run Portland (Barbados) Ltd missed the final payment of principal and interest on a US$23 million short-term bond.
The Michael Lee-Chin run Portland (Barbados) Ltd missed the final payment of principal and interest on a US$23 million short-term bond.
The Trinidad Guardian is reporting that the facility, with an 8.25 per cent return matured last Tuesday, April 30.
According to the bond's trust deed, the missed payment is considered a default, "if the company (Portland Barbados) fails to pay within seven business days, following the due date, any principal, interest and arrears of interest under this trust deed".
Guardian is reporting that Republic Bank, which serves as trustee for the bond issue, wrote to bondholders the day after Portland Barbados missed the payment.
The correspondence says "if the company (Portland Barbados) does not make the April payment within seven days of the April payment date (Thursday, May 9, 2024), an event of default would be deemed to have occurred".
It is understood that Mr. Lee-Chin requested a meeting of bondholders for Tuesday. He is expected to ask for a 90-day extension.
This would give Portland Barbados time to pay the principal, interest and arrears of interest on the bond.
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