The new agreement reduces by 26.3% the original debt and interest past due as well as accrued since October 1, 2019. Now at mid-year that investors’ group said it held about 55% of Barbados’ US$1.5 Billion worth of foreign debt, so that means that a 26.3% reduction is almost US$400 million.
The Government of Barbados and the Barbados External Creditor Committee said on October 18 that they had reached an agreement in principle to exchange some of the Government’s U.S. dollar-denominated debt for new bonds to be issued by Barbados.
Marriott International will pay 110 pence a share in cash for Elegant Hotels, a 57% premium to its share price at close of business on Thursday. That values Elegant at about 101 million pounds sterling (US$130 million), or a total of about US$199 million including debt, the company said in the statement. The deal is subject to shareholder approval.
The occasion was a big meeting discussing bankruptcy and how to make it more palatable as a business option when things have gone south, and High Court Judge Jacqueline Cornelius seemed to feel the pain of those faced with the option.
Barbados' tourism agency, Barbados Tourism Marketing Inc. has named Petra Roach to the post of Head, Global Markets, in which role she will be strategically leading the further development of the Barbados brand within each market. At the same time Marsha Alleyne has been named Chief Product Development Officer, in which role she will be responsible for the sustainability, continuous development and promotion of Barbados’ tourism products and services. The announcements were made in the BTMI’s October newsletter.
Barbados needs to have a low cost legal framework in place which allows distressed businesses to pursue reorganization as a first option and emerge from insolvency proceedings as a going concern, says Minister of Small Business Dwight Sutherland.
Alignvest Acquisition II Corporation said that its wholly-owned subsidiary Sagicor Financial Corporation Ltd.,will acquire the insurance portfolios of both Colonial Life Insurance Company (Trinidad) Ltd., and British American Insurance Company (Trinidad) Ltd.
In the first few weeks since its launch in late July, over 9,000 Dine South 2019 Passports have been handed out to diners on the south coast.The promotion was launched on July 29th and runs until November 20, 2019.