American Sugar Refineries (ASR) has liquidated all debts owed by Belize Sugar Industry Limited (BSI). Speaking to the Guardian on Tuesday, October 2nd, Chief Executive Officer of BSI says that ASR has paid off all the debts that BSI and BELCOGEN owed. All told, ASR paid some 64.5 million U.S. dollars to creditors including First Caribbean International Bank and ING Bank. Also receiving its payment was the Government of Belize for a 10 million dollar loan, which was lent to BSI in December of 2010 in order for the sugar season to get off the ground that year.
Added to the debt obligations being paid off by ASR, the employees trust, which once owned up to 82 percent of the company, had 6.4 million dollars disbursed to them by way of dividends in BSI. That is a 50 percent payment of the total that is due to the employees. The remaining 50 percent will be disbursed to the employees trust over an 18-month period.
With ASR settling BSI and BELCOGEN’s debts, it now has a 78.6 percent shareholding in the companies and will now beginning the process of investing as much as 30 million U.S. dollars into BSI. The investment is specifically geared at increasing sugar production. As part of the investment in the sugar industry, cane farmers will also see greater support from BSI through technical advice, as well as financing to increase and improve sugar cane production.
