Durrant Pate/Contributor

The JCSD Trustee Services Limited—acting as trustee of corporate notes issued by Michael Lee-Chin’s AIC (Barbados) Limited and associated companies, Portland Barbados Limited and Specialty Coffee Investments Company—has convened two meetings for next week for bondholders to vote on a new repayment proposal.

This development comes as the three companies missed a key November 27 deadline, prompting bondholders to form a negotiation committee led by Sagicor Group Jamaica president Christopher Zacca to represent their interests. The committee has completed negotiations for a new repayment schedule with the companies, which have missed a number of previously set deadlines. 

The JCSD Trustee Services last week convened a town hall meeting, attended by noteholders, arrangers and brokers for the bonds to share with them the terms of the proposal negotiated with Lee-Chin majority-owned companies by the committee. This proposal has been framed in a resolution that will be put before all noteholders at in-person meetings scheduled between December 2 and December 11. 

The trustee has issued notice of the meetings to all noteholders, with brokers assisting with the dissemination of the notices. 

All noteholders are urged to attend the meeting in person or by proxy on the advised meeting dates. Noteholders who are not in receipt of the notice are invited to contact the trustee for further information via telephone at 876-967-3271 and/or email at [email protected].  

AIC has made various proposals, including requesting more time to pay off debt and suggesting a new interest rate. A recent meeting was held to discuss these proposals, and a resolution for repayment is expected. A significant amount of National Commercial Bank (NCB) shares, owned by Michael-Lee Chin, was pledged as collateral for the bonds, with bondholders expressing anxiety over the delays and demanding higher returns than what was initially proposed. 

Three months ago, the bondholders voted on a request to extend their principal repayment to December 31, 2027.