Jamaican billionaire Michael Lee-Chin confronts a definitive December 31, 2025 deadline to settle a $94 million payment to bondholders or risk forfeiting his crown jewel—a controlling 1.024-billion share stake in NCB Financial Group (NCBFG) that secures his corporate debts. This ultimatum forms the cornerstone of a rigorously negotiated forbearance agreement brokered by a unified committee of Jamaica’s financial elite.
The payment comprises $19.1 million in overdue interest and a $75 million principal installment. A special committee chaired by Sagicor Group CEO Christopher Zacca engineered the agreement after investors overwhelmingly rejected Lee-Chin’s previous workout proposals. The pact features an automatic enforcement mechanism absent from prior negotiations—a response to what Zacca described as unfulfilled promises. “In the past, the promises to pay have not been honoured. I don’t want to be kicking the can down the road,” Zacca stated.
The agreement’s most critical provision mandates that should Lee-Chin’s companies—AIC (Barbados), Portland (Barbados) Limited, and Specialty Coffee Investment Company Limited—fail to meet the December deadline, trustee JCSD Trustee Services must immediately initiate share seizure procedures within 45 days. “This does not give the trustee any flexibility or discretion,” Zacca emphasized. “After a total of 45 days, if the money not paid, boom.”
The potential enforcement presents market stability concerns, as dumping 1.024 billion NCBFG shares—representing 40% of the financial giant—could crater the stock price. Zacca acknowledged the committee would devise a sophisticated disposal strategy rather than trigger a fire sale. Alternatives include distributing shares directly to noteholders, though this would require navigating legal complexities.
Despite the high stakes, Zacca revealed Lee-Chin has personally “assured us that he has the funds.” The agreement further stipulates that NCBFG dividends will cover interest payments through 2027, with the full debt balance due by December 31, 2027.
The resolution faces its next critical test during 14 separate noteholder meetings scheduled December 2-10, requiring a 75% super-majority approval for each note series. While Jamaica’s five major brokerages advocate approval, they collectively hold 50-75% of debt, making smaller noteholders decisive. The trustee and brokerages are proactively mobilizing voters to ensure quorum.