Barbados CLICO gets court nod to seek investor

(Barbados Nation) Barbados’  Court has given the judicial managers of CLICO International Life Insurance Limited (CIL) the nod to look for an investor for the financially troubled company.

Deloitte Consulting Ltd, represented by Oliver Jordan and Patrick Toppin, said immediate steps would now be taken to find an investor that demonstrated “the depth of management and 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”.

The judicial manager went to court on Thursday to provide an update on its consultations with policyholders, regulators and regional governments and also to obtain court sanction for the next phase in the process of restructuring the company.

A statement subsequently issued stated: That during the past two months, the judicial manager had engaged in consultations with policyholders, regulators and regional governments in order to present its findings on the financial condition of CIL and on the alternative options for restructuring.

 

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