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Note­hold­ers of com­pa­nies con­trolled by Ja­maican-Cana­di­an in­vestor Michael Lee-Chin are be­ing asked to ap­prove sweep­ing changes to the re­pay­ment struc­ture of more than US$364 mil­lion in out­stand­ing debt tied to his hold­ing en­ti­ties.

A for­mal bal­lot re­quest was reis­sued on Thurs­day on the Ja­maica Stock Ex­change (JSE) web­site by JCSD Trustee Ser­vices Ltd, the trustee, invit­ing note­hold­ers to vote on key pro­pos­als af­fect­ing bonds is­sued by AIC (Bar­ba­dos) Ltd, Port­land (Bar­ba­dos) Ltd (PBL), and Spe­cial­ty Cof­fee In­vest­ment Com­pa­ny Ltd. The 14 notes from the three com­pa­nies con­trolled by Lee-Chin are col­lat­er­alised by 1.06 bil­lion of his shares in NCB Fi­nan­cial Group Ltd (NCBFG), the Kingston, Ja­maica-head­quar­tered com­pa­ny chaired by Lee-Chin, its largest share­hold­er.

On Thurs­day, NCBFG trad­ed on the Ja­maica Stock Ex­change at J$30.37 a share. That puts the val­ue of the col­lat­er­al at US$200.52 mil­lion (J$32.28 bil­lion), some US$164 mil­lion less than the debt it is sup­posed to cov­er. The dif­fer­ence in the col­lat­er­al cov­er­age is one of sev­er­al ar­eas of for­bear­ance that the is­suers are ask­ing the note­hold­ers to vote on.