Regional banks among targets for $30B GuySuCo financing

first_img…as negotiations continue to secure fundingThe $30 billion financing which the National Industrial and Commercial Investments Limited (NICIL) is seeking to continue operations at the Guyana Sugar Corporation (GuySuCo) is expected to come from sources that include regional banks.This is according to sources close to NICIL. However, when contacted, NICIL’s Public Relations Consultant, Alex Graham, noted that it was still too early to say exactly from where the funds would be garnered. He noted that negotiations are ongoing in this regard.OLYMPUS DIGITAL CAMERA“Some might be loans, some might be investments… The negotiations and discussions (are) now being conducted with a variety of banks and financial institutions. More than likely it won’t come from one (source),” he disclosed.It has recently emerged that NICIL’s Special Purpose Unit (SPU) was seeking some $30 billion in loans and investments to support its new ward — GuySuCo. It has also been related that this funding would cover a four-year period, and will provide capital and support infrastructure maintenance and upgrades at Albion, Blairmont and Uitvlugt. The funds are also expected to go towards developing new co-generation capacity for the estates’ operations and the national electricity grid.GuySuCo has a history of debt; at the end of 2015, the corporation owed $78.6 billion. As at January last year, that debt showed a marginal decrease to $77 billion. GuySuCo owes money to the National Insurance Scheme (NIS), the Guyana Revenue Authority, the Caribbean Development Bank (CDB) and other entities.One of NICIL’s first acts since assuming responsibility for GuySuCo has also been to abruptly end the life of the old Board of Directors. Coming out of a special board meeting, a decision was taken to have a new board installed as of February 14.The NICIL Board has also handed down instructions to GuySuCo to freeze all hiring. According to NICIL’s Public Relations Consultant Alex Graham, instructions have also been handed down to not renew any employee contract that is in the process of expiring.DDLThe Demerara Distillers Limited (DDL) had, in January, submitted an Expression of Interest (EoI) for the purchase of one of the estates. This was even as the SPU was seeking interested buyers for the Skeldon and Enmore estates.DDL, which produces the international award-winning El Dorado Rum, has raised concerns over Government’s plans to downsize the sugar sector. The company heavily depends on molasses for its production.It is understood that both the unit and DDL have been exploring the possibility of the company investing in the current crop at Enmore through advance payments on the molasses. Talks are also ongoing for DDL to participate in the management of the estate.The unit had expressed in a press release that PricewaterhouseCoopers (PwC), which has been blacklisted in India, has been evaluating GuySuCo’s assets and had raised concerns about the need to have the estates seen as “fully functioning operations and facilities”.This, it is understood, is because the company felt that closed estates would not attract the best of investors and prices. According to the unit, if approved by the NICIL Board, the DDL deal would allow the SPU to meet PwC’s recommendations.Government had moved to close the Enmore and Rose Hall sugar estates, as well as sell the Skeldon Sugar Factory. Government’s explanation for downsizing the industry has always been a need to cut costs.last_img read more

DDTV: SHAY IN TEARS – WORLD OF FOOTBALL MOURNS GARY SPEED

first_imgJUST yesterday he was a guest on BBC’s Football Focus – this morning Gary Speed, aged just 42, was found dead at his home near Chester.Donegal’s Shay Given was a very close friend – they played together over six seasons at Newcastle United. Little wonder he broke down in tears while playing for his new team Aston Villa at Swansea today. Speculation as to why the Wales manager took his own life has been growing throughout the day with reports that a tabloid newspaper had been planning to write a story about his private life.Dan Walker, the BBC show’s presenter, said that Speed spoke after the show about golf and his two sons. He was no distressed and even made tentative arrangements to appear on the show next month.Mr Walker said: “He was on great form, cracking jokes and asking about my family and kids. He was talking passionately about the future. There was absolutely no indication at all.“He gave me the impression that he was really looking forward to his kids growing up to be really good footballers and Wales qualifying for the World Cup.” After the show ended, at 1pm, he met up with Match of the Day pundits Alan Shearer, whom Speed had played alongside at Newcastle United, and Mark Lawrenson to watch the early Premier League game between Stoke City and Blackburn Rovers.Just before 3pm, he made the short journey to Old Trafford to watch his former team Newcastle United take on Man United.The match finished shortly before 5pm and it is thought Speed travelled back to his home in Chester where, little more than 12 hours later, he was found hanged.DDTV: SHAY IN TEARS – WORLD OF FOOTBALL MOURNS GARY SPEED was last modified: November 27th, 2011 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:DDTVShay Givenlast_img read more