News
Only $10M drawn from $100M loan facility—Premier Wheatley confirms
ROAD TOWN, Tortola, VI- Premier and Minister of Finance, Dr the Honourable Natalio D. Wheatley (R7), has confirmed that only $10 million of the much-discussed $100 million loan facility signed with the CIBC First Caribbean Bank (Cayman) Limited has been drawn down to date.
USVI: Judge allows loan for Silver/Seaborne as airline battle Chap 11
VI CONSORTIUM
FORT LAUDERDALE, Florida, USA- The judge overseeing the Silver Airways/Seaborne Virgin Islands Chapter 11 bankruptcy case has given permission for the airlines to obtain a new loan of up to $5.5 million. However, in order to obtain the financing, they must auction off “substantially all of their assets” no later than May 29.
Competitive bidding process was done for $100M loan- Premier Wheatley
ROAD TOWN, Tortola, VI- Premier and Minister of Finance Dr the Honourable Dr Natalio D. Wheatley (R7) has said the Ministry of Finance facilitated a bidding process before agreeing to the one hundred-million-dollar loan from the Canadian Imperial Bank of Commerce (CIBC).
NBVI threatens legal proceedings against the Maynards for nearly $100K in arrears
ROAD TOWN, Tortola, VI- Already serving prison time in the United States for a drug smuggling plot, former BVI Ports Authority (BVIPA) Managing Director Oleanvine Pickering-Maynard and her son Kadeem S. Maynard now have to worry about losing property if they fail to pay on arrears due to the National Bank of the Virgin Islands (NBVI).
HoA approves $100M loan from CIBC
ROAD TOWN, Tortola, VI- A motion for the government of the Virgin Islands (VI) to borrow one hundred million dollars ($100m) from Canadian Imperial Bank of Commerce (CIBC) was passed in the House of Assembly (HoA) on Thursday, September 26, 2024.
‘Pull me up’ if I ever get disrespectful in HoA- Hon Luce D. Hodge-Smith
ROAD TOWN, Tortola, VI- Directed to the Opposition Members of the House of Assembly, including the controversial and disrespectful Hon Myron V. Walwyn (R6), first-term legislator and Junior Minister for Tourism and Culture Hon Luce D. Hodge-Smith (R4) has called for elected representatives to be able to express themselves more decently and be respectful to their colleagues.
Fiscal challenges loom as Gov Bryan pursues $50M credit line for Gov't operations
VI CONSORTIUM
CHRISTIANSTED, ST. Croix, USVI — USVI Governor Albert Bryan is seeking $50 million from a line of credit to be used for government operations, according to a draft amendment viewed by the Consortium, bringing into focus the fiscal challenges the administration is facing.
Betteto Frett accuses 1FirstBank of predatory lending
ROAD TOWN, Tortola, VI- Local businessman Betteto Frett is accusing 1FirstBank of predatory lending, alleging that the bank attempted to set him up to fail, and wrongfully foreclosed on his properties for monies owed.
Portion of CDB loan to go towards new West End Ferry Terminal Project- VI Gov't
WEST END, Tortola, VI- The Government of the Virgin Islands (GOVI) has received financing from the Caribbean Development Bank (CDB) in an amount equivalent to US$65,291,000, and some will be allocated for the construction of the West End Ferry Terminal.
Local businessman Bettito Frett appeals to public to help save his ‘lifetime investments’
WICKHAM’S CAY 1, Tortola, VI- Faced with the prospect of losing his “lifetime investments” and feeling like he has run out of options, local businessman Bettito Frett has turned to the public for finance assistance, which he has promised to repay.
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