Banco Atlantida deal Still A-Go Print E-mail
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Written by The Guardian   
Thursday, 25 August 2011 00:00

The Guardian newspaper has confirmed that talks are still on going as it relates to the Banco Atlantida investment of 90 million dollars into the Belize Sugar Industries Limited factory at Tower Hill. In speaking with Chief Executive Officer, Joey Montalvo, on Wednesday evening, he confirmed that the “project is still alive and the process is ongoing.” Montalvo added that the bank is currently doing its due diligence on the factory and that since Tuesday August 23rd, a top level staffer at the bank has been in the country conducting that due diligence.

The factory is hard pressed to receive the 90 million dollar investment into the factory as creditors have signaled that they will be calling in on debts owed to them. Those debts amount to $60 million Belize dollars to ING and FCIB which become due by September 30th.