The bondholders of Specialty Coffee are gearing up for a crucial meeting today with their trustee, JCSD Trustee Services Limited, to address the lingering issues surrounding the delayed bond payout from the coffee investment company led by Michael Lee-Chin. The anticipation is running high as bondholders received notice of the online meeting scheduled on the Zoom platform earlier this month, prompting speculation and uncertainty regarding the impending decisions to be made.
Here are some key points to consider regarding this significant meeting:
- The bond initially matured in March, but subsequent extensions pushed the deadline to June.
- Last year, there was talk of a meeting between Lee-Chin and bondholders to establish a repayment timeline for the principal bond debt.
- A proposal to extend the bond for 12 months to October 2025 was rejected by bondholders.
- Today’s meeting was formally requested by JCSD Trustee Services last October after an agreement from at least 25 percent of the bondholders.
- The outstanding bond stems from the original bonds issued in 2016 to acquire Mavis Bank Coffee Factory and address working capital needs.
Specialty Coffee’s portfolio includes the well-known Mavis Bank Coffee Factory and Wallenford Estate, highlighting the company’s significant presence in the coffee industry. With the fate of the bond payout hanging in the balance, today’s meeting holds immense importance for all stakeholders involved.
As the bondholders prepare to make critical decisions and potentially chart a new course for Specialty Coffee, the outcome of this meeting could have far-reaching implications for the company and its investors. Stay tuned for updates on this developing story.
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