AIC Barbados confirms US$94m bondholder payment in January

AIC (Barbados) Limited has formally confirmed its obligation to make principal and interest payments totalling US$94.09 million to Portland bondholders, following weeks of tension and a public ultimatum issued by investors in early December.

“[We] confirm that both payments will be made as a single payment of US$94 million no later than Monday, January 26, 2026,” stated the release to the Jamaica Central Securities Depository.

In a letter issued today and addressed to JCSD Trustee Services, Director Michael Lee-Chin indicated that the figure reflects the combined outstanding interest of US$19.09 million and the first principal payment of US$75 million, both originally due on December 31.

“While this date is beyond our agreed timeline of December, it is well within the 45-day period agreed by the parties,” added the notice.

The assurance comes against the backdrop of a bondholder ultimatum published by the Financial Gleaner about a month ago, in which investors demanded clarity on overdue payments tied to Portland Holdings-related debt instruments.

That ultimatum, framed as a resolution of the Note Holder Committee, warned that failure to meet year-end obligations would trigger enforcement rights.

The ultimatum followed months of uncertainty around Portland bonds, with investors pressing for transparency on repayment schedules.

Bondholders had insisted that the US$94 million partial payment plan be executed by year-end, citing the need to restore confidence in the instruments and protect their rights.

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