Holders of AIC (Barbados) notes were informed earlier this week that the Michael Lee Chin owned firm was unable to make good on a promise to honour bond payments which became due, and were issued with three options by trustee PanCaribbean.
"We were unable to meet our obligations due in part to the prevailing financial crisis which has made it difficult to sell assets," executive director of AIC Global Holdings, Robert Almedia, told the Observer last night. "Nevertheless, we have generated internal cash and are now proposing to pay 30 per cent of the principal in cash." Read more here:
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