Is there an offer to buyout Belize Sugar Industry?

The sugar industry is still at a standstill tonight as Belize Sugar Industries is inoperable because of malfunctioning turbines at the BELCOGEN plant.  Loans with I.N.G. and First Caribbean International Banks are still outstanding and B.S.I. was hoping that it would attract a new financier in the form of Banco Atlantida from Honduras.  After representatives of the bank visited the factory, the prime minister indicated that Banco Atlantida did not want to finance but to broker a buyout of the factory. News Five spoke to the Chairman of the Committee of Management of the Belize Sugar Cane Farmers Association who says that he has only heard that offer from the P.M.

Dean Barrow (File: February 9, 2011)

Dean Barrow

“They want to do more than finance. They want to buy the sugar factory. Now that’s a whole ‘nother story. The majority of shares in that factory are owned by an employee’s trust. I don’t know what will happen if Banco Atlantida pursues its interests in purchasing the factory. They had done a detailed tour of B.S.I.—they had done a detail examination of the industry. They made a couple of trips and they brought people from Central American Sugar Manufacturers Association and they felt, at least in terms of what they expressed to me, that the factory was worth purchasing.”

Alfredo Ortega

Alfredo Ortega, Chairman Committee of Management, B.S.C.F.A.

“I heard it from the Prime Minister the day before his press conference. I had a phone conversation with him and he informed me that the Banco Atlántida had the interest on buying out B.S.I. But I had a call from Mister Joey Montalvo on Saturday and mentioned to me that they haven’t engaged in any negotiation with Banco Atlántida in regards to a buyout. What they were negotiating with Banco Atlántida was to [have] Banco Atlántida take over the loan that they had with I.N.G. That is what I know as far as at this point in time.”

Jose Sanchez

“Is the Belize Sugar Cane Farmers Association interested in keeping B.S.I. the way it is or would like to see it sold off?”

Alfredo Ortega

“Well really and truly that’s something that—what we would like to see is betterment in regards to the operation of the mill. It is true it’s good for us to have a good owner on it, but the best interest for us is to see that the mill is running quite good that the farmers are not having any delay as how we are having at this point in time. We don’t really have any queries in regards to ownership, but what we would like to see that the factory is running in good conditions for the full crop.”

Jose Sanchez

“At this point with this current delay, what are farmers doing?”

Alfredo Ortega

“Well thanks god that we managed to get the herbicide and we have started distribution to the different branches so many farmers have already started spraying their field that they have already harvested and we are very, very close to get the fertilizer so that we can start distribution as of next week so that the farmers can use this time out of crop (as we can say) to do their necessary husbandry on their fields.”