Jamaican-Canadian billionaire Michael Lee-Chin faces imminent asset liquidation after companies under his control defaulted on a critical US$94.1 million bond payment, violating a forbearance agreement with creditors. The formal breach, confirmed Wednesday by trustee JCSD Trustee Services Limited, activates contractual provisions mandating the sale of portions of Lee-Chin’s collateralized stake in NCB Financial Group (NCBFG).
The payment default occurred despite Lee-Chin’s expressed confidence through representative Christopher Zacca, chairman of the bondholders’ negotiating committee, who had previously characterized the situation as manageable. The missed deadline follows the expiration of a 30-day grace period that concluded on November 29, making the December 31 payment a final opportunity to avoid legal escalation.
According to the trustee’s advisory, while the issuer communicated intentions to fulfill the obligation by January 26, 2026, the technical default automatically triggers enforcement mechanisms established during November’s bondholder meetings. These provisions authorize the immediate filing of an originating summons and fixed-date claim form before Jamaica’s Supreme Court.
The collapse of this initial payment tranche jeopardizes a comprehensive three-phase repayment strategy that envisioned complete debt extinguishment by 2027. That plan, negotiated between Lee-Chin and creditors, stipulated interest payments through 2026-2027 alongside a detailed repayment blueprint for the remaining US$203 million debt, due for presentation by March 31, 2026.
Lee-Chin’s 52.15% stake in NCBFG, valued at approximately US$333 million based on current market prices, represents the most likely source for debt settlement. The stake’s valuation comfortably exceeds the total outstanding debt of US$297 million, suggesting creditors could recover funds through forced asset sales. This development contradicts Lee-Chin’s recent characterization of an ‘orderly process’ and transfers timeline control from the billionaire to the trustee, which committed to providing further updates during the week of January 5, 2026.