Lee-Chin misses US$94-m bond deadline, risks Supreme Court lawsuit
Michael Lee-Chin missed a US$94 million bond payment, potentially leading to the sale of his NCB Financial Group stake and a lawsuit.Summary
Michael Lee-Chin’s companies have defaulted on a US$94.1 million bond payment, breaching a forbearance agreement with creditors and risking the enforced sale of his 52.15% stake in NCB Financial Group. The missed payment, due December 31st, activates a clause allowing bondholders to pursue legal action, specifically filing a claim with the Supreme Court. While Lee-Chin intends to make the payment by January 26, 2026, the breach has already triggered the enforcement process.
The original agreement, reached in November, outlined a three-tranche repayment plan for the total US$297 million debt, with interest payments scheduled through 2027. However, Wednesday’s default jeopardizes this plan and places immediate pressure on Lee-Chin to liquidate assets. His stake in NCBFG, currently valued at approximately US$333 million, is considered the most likely source of funds.
This development contradicts Lee-Chin’s recent statements about an “orderly process” and shifts control of the timeline to the creditors and the trustee, JCSD Trustee Services Limited. The trustee is committed to pursuing legal enforcement as outlined in the November resolution and will provide an update the week of January 5, 2026.
(Source：Jamaica Observer)