7 months ago
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Chartered accountant, Dennis Chung, says the fact that the Michael Lee-Chin owned Portland Barbados Limited missed a short-term bond payment, does not necessarily mean there are long-term financial issues at the entity.
The company missed the final payment of principal and interest on a US $23 million short-term bond that matured last Tuesday, April 30.
An article in the Trinidad Guardian says the company has been given until the close of business today, May 9, 2024, to make the payment.
Otherwise, the entity would be considered in default.
Republic Bank Limited, which serves as trustee for the bond issue, wrote to bondholders on May 1, 2024, the day after Portland Barbados missed the payment.
In their letter, the Republic Bank stated that they hold the ability to exercise their rights to demand repayment on a full indemnity basis.
However, Mr. Chung says it’s best to wait for further developments before jumping to conclusions.
Dennis Chung, chartered accountant. He was speaking with Nationwide News on Wednesday.
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