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BSI Workers Meet Banco Atlantida; Will They Bite On Big Money Offer?
posted (September 14, 2011)
Much excitement was stirred in the sugar industry today when news came out that the BSI workers along with its union and the protectors of the employee's trust cam e to the city to meet with Representatives of Banco Atlantida.

It is a much watched encounter because - BSI needs a bailout and a cash infusion - and so far Banco Atlantida is the only investor who has appeared ready to put money on the table.

The Sugar Cane Farmers are more than just an interested observer because they too want to buy out BSI - but are at a disadvantage when going up against investors who own a Bank.

So, everyone was watching to see which way the BSI employees - who control 80% of BSI's shares - would lean.

We waited outside to talk to them before the meeting:

Jules Vasquez Reporting

At a few minutes before two, representatives of the Belize Employee Holdings and the Belize Workers union gathered outside Atlantic Bank on Freetown Road for the meeting with Banco Atlantida.

Julio Gongora - Protector, BEH
"Actually, this was a meeting that was requested by a group of workers that have a delegation that went to see Prime Minister. And from there, we requested to see the bankers themselves - of Atlantida. And this has been arranged basically by the Prime Minister; presently we are having a small contingent of protectors along with a few members of the Belize Workers Union executives."

Jules Vasquez
"What are you all - what kind of information are you all hoping to get from Banco Atlantida?"

Julio Gongora
"Well, since we actually seen a final proposal from them, we only have the draft proposal, and well dividends pay-out is definitely a priority for us, worker."

Jules Vasquez
"But you won't make a decision today."

Julio Gongora
"Definitely, we won't make any decisions today."

Reporter
"Did you have any meetings with the Belize Sugar Cane Farmers Association, and their proposals?"

Julio Gongora
"Yes, we have had some talk with the farmers, but officially, we haven't had any commitment with them. We have only listened to their proposals, and what they have to offer."

Reporter
"And does this include listening to them and the monies that they say they have already allocated?"

Julio Gongora
"Well, they have told us that they have monies ready to pay the dividends, and likewise, we have told them that the dividends are not only the agenda for the workers. The agenda is to get the most benefit for us regarding the trust, because the trust is what protects us."

And while that's what they wanted to go into the meeting with - there was no meeting - while we were doing our interview, all the Atlantic Bank employees workers started to stream out of the bank - because a bomb threat had been called in.

It was called in right at the same time that the meeting was supposed to start - and while that was suspicious, the threat was taken seriously and bank employees had to go all the way around the corner by Social Security to wait for the building to be combed for bombs.

That took over two hours and the whole area had to be blocked off causing a massive traffic jam. The employees did not get to go back inside until a few minutes before 5:00 when the bomb search came up empty, another hoax.

And while they stood outside, we spoke to the CEO of BSI, Joey Montalvo who told us they have gotten some relief from their international bankers:

Jules Vasquez
"We heard that ING has given BSI an extension on its debt repayment."

Joey Montalvo -CEO, BSI
"Yes it has. The extension goes up to September 2012 - a 12 month extension."

Jules Vasquez
"How important is this in terms of affording some breathing room in these very difficult and somewhat tense negotiations?"

Joey Montalvo
"It is important because it gives us the leg room to be able to look at the other offers that might come around. So far, we basically only have one proposal, which has sort of metamorphosed into an offer; this is from Atlantida. So we are here to hear what Atlantida has to say regarding furthering that particular proposal into, perhaps, crystalizing it into some sort of offer."

Jules Vasquez
"I take it from the tone of the last BSI release, that it does not take very seriously the proposal floated by the BSCFA."

Joey Montalvo
"But if we have an extra year in front of us and the cane farmers association wants to play the big leagues, well, we will give them a fair chance to be heard."

And so while they have a year to hear from all the suitors, these protectors also had extra time to mill around today as the meeting was delayed by the bomb scare...

Shortly after the bomb threat, the meeting was moved to the Radisson - where it concluded before 6:00 this evening...

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