(Barbados Nation) There may be light at the end of the tunnel for CLICO International Life’s (CIL) policyholders and investors.

CLICO’s judicial manager Deloitte Consulting said on Friday it was at the “first stage of the investor identification process” to find a deep-pocket, experienced investor for the local CL Financial subsidiary. In a press release, the judicial manager said: “The objective of this process is to identify an investor with depth of management and the financial capacity necessary to provide greater confidence to policyholders and regulators as it relates to the viability of any new entity which may emerge from the existing operations of CIL.”

CIL, owned by CLICO Holdings Barbados, whose parent company CL Financial of Trinidad and Tobago, collapsed in February 2009, has hundreds of policyholders and investors anxiously awaiting settlement.