Doubts over the financial stability of Michael Lee-Chin's holdings as his Barbados company - the main shareholder of NCB Jamaica - missed a crucial $23 million bond payment, potentially jeopardizing his vast business empire.
Portland (Barbados) Ltd, a company controlled by the Jamaica-born billionaire, Michael Lee-Chin, missed the final payment of principal and interest on a US$23 million, 8.25 per cent, short-term bond when it matured last Tuesday, April 30.
Shooting the messenger:
In a WhatsApp exchange with Guardian Media yesterday, Lee-Chin did not respond to a question asking him to confirm that he called a bondholders’ meeting to ask for the 90-day extension.“I don’t see the value of this premature reporting. Issuers get extensions all the time,” said a message from Lee-Chin.
In reply to VIX
That's a blip in dem guys' network and net worth!
In reply to XDFIX
what about the other people who could be affected? In too big to fail bankers ended up with bonuses while the lil man moved from his 4 bedroom to RV.
In reply to Brerzerk
My point is - Lee Chin will find the money by the hook or the crook!
In reply to XDFIX
Lee Chin will survive, what about the shareholders?
Why a possible default over such a small amount??
Technically a default but I don't think it is a big deal given the sum owed, the refinancing is probably taking longer than he expected.
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