AIC Barbados bondholders to decide on latest proposal

Michael Lee Chin's AIC Barbados will hear before the end of the week whether bondholders have accepted its latest proposal asking for another two years to pay off its debts.
The proposal was discussed during special meeting of bondholders in Kingston last Thursday.
A source told the Financial Report that the investors are considering a resolution document presented by AIC and will give their responses before Friday.
AIC has missed three deadlines to repay the bondholders the nearly US$50 million they invested.
The setbacks have resulted in part from challenges in raising funds to make payments.        
AIC was among other things trying to divest its shareholding in Columbus Communications Group which owns the cable entity FLOW.