(Barbados Nation) Companies that invested in CLICO’s risky, high interest-paying Executive Flexible Premium Annuities (EFPAs), which were only to be sold to individuals, will still get a chance to salvage their investments.
Sources close to the restructuring plan which was filed in the High Court on Tuesday by judicial manager, Deloitte Consulting, told the DAILY NATION that among the options on the table to these investors was share equity in a recapitalized insurance company.
The restructuring plan for CLICO International Life (CIL) does not involve the sale of its assets but instead recapitalization of the insurance company by Barbados and Eastern Caribbean governments where CLICO Life operates to the tune of more than Bds$150 million.
Notably, the source said that policyholders with EFPAs of Bds$1 million or less would be “restored to the full extent of their principal”.
