Ciboney Group – Receivership

Posted: October 3, 1997 at 12:00 am

The Board wishes to inform shareholders of the following: A Receiver/Manager has been appointed by one lender over some of the assets of one of the Subsidiaries of Ciboney Group Ltd. Secured lenders have also served Notices of Demand on all Borrowers within our Group; Negotiations are underway to arrive at a loan restructuring programme which should ease the cash flow problem. As of now, the operations of the Ocho Rios Hotel have been only minimally affected. Negotiations are taking place with Crown Eagle Life Insurance Company Ltd. and Crown Eagle Insurance to assume majority control of Ciboney Group Ltd. and Crown Eagle is leading the negotiations with the lenders. The Board expects that a successful resolution of the issues affecting the lenders will be finalized within the next 14 days. All parties involved want to ensure the smooth continuation of the Hotel’s operations.

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