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Lee Chin to pay AIC (Barbados) noteholders in 3 months
By Al Edwards
Friday, March 27, 2009
The global financial recession has hit AIC boss Michael Lee Chin's operations hard as jittery noteholders of AIC (Barbados) have called in their notes, forcing Lee Chin to liquidate assets to honour his creditors.
However, Lee Chin remained unflappable, making it clear that he intends to make good and pay out US$170 million on the notes within the next three months.
"We are carrying US$170 million worth of debt in the form of commercial paper to help fund our operations in the Caribbean," Lee Chin told Caribbean Business Report from Canada yesterday. "Normally the notes would roll over, but due to the global financial crisis noteholders are calling for their money now and we are unable to roll over the notes any more. Pan Caribbean and First Global, who are trustees and arrangers for the notes, are now working on restructuring the maturities of those notes and we will be able to make good in three months' time."
Lee Chin to pay AIC (Barbados) noteholders in 3 months
By Al Edwards
Friday, March 27, 2009
The global financial recession has hit AIC boss Michael Lee Chin's operations hard as jittery noteholders of AIC (Barbados) have called in their notes, forcing Lee Chin to liquidate assets to honour his creditors.
However, Lee Chin remained unflappable, making it clear that he intends to make good and pay out US$170 million on the notes within the next three months.
"We are carrying US$170 million worth of debt in the form of commercial paper to help fund our operations in the Caribbean," Lee Chin told Caribbean Business Report from Canada yesterday. "Normally the notes would roll over, but due to the global financial crisis noteholders are calling for their money now and we are unable to roll over the notes any more. Pan Caribbean and First Global, who are trustees and arrangers for the notes, are now working on restructuring the maturities of those notes and we will be able to make good in three months' time."
Lee Chin to pay AIC (Barbados) noteholders in 3 months