Michael Lee-Chin
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Halshane Burke reports
Bondholders of AIC (Barbados) have granted temporary paused enforcement action as businessman Michael Lee-Chin confirms he is reviewing repayment options, including possible sale of his shares in NCB Financial Group to settle outstanding obligations.
In an advisory issued by Jamaica Central Securities Depository (JCSD) Trustee Services, the trustee says noteholders representing a supermajority on the 14 trust deeds approved conditional delay during meetings held between November 30 and December 18.
Under the agreement, AIC is required to make payments totalling just over US$94 million by December 31, comprising approximately US$19 million in outstanding interest and US$75 million towards principal.
However, the trustee says it has not yet received the required payments and has been advised to buy the issuer that it intends to make the payments on or before January 26 next year.
JCSD Trustee Services has warned that if the payments are not made, it is committed to pursuing the instructions outlined in bondholders' resolution.
The advice comes as Michael Lee-Chin confirmed that he has begun a structured time-bound review of repayment options under an agreement reached with bondholders.
The review includes a 45-day period beginning December 31 to address the outstanding US$94 million in principal and interest.
Mr. Lee-Chin says options under consideration include full repayment of the bonds, settlement within the agreed timeframe or the sale of his shareholding in NCB Financial Group.
He says he is working closely with advisors and stakeholders to determine the most appropriate and sustainable course of action.
He has described the process as an orderly framework aimed at maintaining constructive engagement with noteholders while identifying a responsible solution that best serves all stakeholders and allows AIC Barbados to meet its obligations transparently.
JCSD Trustee Services says a further update on the process is expected in the week of January 5.
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