Bondholders of three companies controlled by Jamaican billionaire Michael Lee-Chin have issued a firm ultimatum: pay US$94.1 million by December 31, 2025, or risk losing a substantial portion of his stake in NCB Financial Group (NCBFG).
The warning comes as representatives of the bondholders—including several senior executives from major Jamaican institutional investors—met in Kingston on Wednesday for an update on efforts to resolve more than US$364 million in delinquent debt across the companies: AIC (Barbados) Ltd., Portland (Barbados) Ltd. (PBL), and Specialty Coffee Investment Company Ltd.
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The outstanding obligations are secured by roughly 1.06 billion NCBFG shares, representing about 41% of the conglomerate’s total stock. Lee-Chin, who chairs NCBFG, remains its largest shareholder.
Bondholders are expected to vote in December on a proposed forbearance agreement that would give the companies one final opportunity to regularize the debt. A central condition of the deal is an initial payment of US$94.1 million, consisting of US$19.1 million in overdue interest up to early September and a US$75 million principal installment.
If the companies fail to meet the December 2025 deadline, the trustees must grant a 45-day cure period. Failure to pay during that window would trigger enforcement action, including the seizure and possible forced sale of the pledged NCBFG shares.
This is not the first time Lee-Chin’s entities have struggled to meet bond obligations. In May 2024, Portland (Barbados) was late on a US$23 million payment, prompting Republic Bank Ltd.—the bond trustee—to briefly declare an event of default.
Lee-Chin has previously apologized to creditors and has repeatedly sought extensions and restructuring arrangements to address the mounting debt.
NCBFG, one of the Caribbean’s largest financial institutions, is the majority owner of Trinidad & Tobago–based Guardian Holdings Ltd.
