VM Investments secures court order to pause Kintyre reorganisation

VM Investments Limited (VMIL) has moved to tighten its grip on the long-running restructuring of Kintyre Holdings Jamaica Limited (KHJL), after securing an interim court order that temporarily blocks changes to key shareholdings linked to the company.

In a release issued on Wednesday, VMIL confirmed that the Supreme Court of Jamaica granted the order, restraining certain actions involving shares and assets connected to entities with interests in Kintyre.

The ruling takes effect pending a further hearing in the matter, scheduled for April 27.

The court intervention represents a significant development in a dispute that has already drawn scrutiny because of parallel proceedings involving Kintyre and related companies.

Those matters, also before the courts, have centred on outstanding financial obligations and competing claims over control and restructuring of assets, underscoring the complexity surrounding the future of the group.

According to VMIL, the interim order was sought to protect its legal and commercial interests, including rights arising under existing security arrangements affecting some of the shareholdings.

The company also pointed to judgments it has already obtained against KHJL and related entities for sums due and owing, suggesting the latest move is part of a broader effort to ensure those positions are not undermined while the court weighs the issues.

The timing of the order is particularly notable given the backdrop of the other case now engaging the court, as it effectively freezes aspects of the proposed reorganisation until there is judicial clarity.

Such orders are often used to prevent irreversible steps being taken before all parties have had their claims fully ventilated.

VMIL, however, is keeping its public commentary tightly circumscribed.

“As this matter is now before the court, VMIL will not comment in detail on the substance of the proceedings at this time,” the company said, while signalling that it intends to take “all appropriate legal steps” to safeguard its position.

The company added that it remains committed to acting in accordance with the law and in the best interests of its stakeholders, a statement likely aimed at reassuring investors and creditors watching the unfolding court battles closely.

When the matter returns to court later this month, the interim order will come under review, potentially setting the tone for how the Kintyre reorganisation — already complicated by overlapping litigation — proceeds from here.

neville.graham@gleanerjm.com

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