The standoff between the Management of the Citrus Products of Belize Limited and the Citrus Growers' Association may not end up unfolding into a full-blown payment crisis tomorrow.
As we told you last night - the CPBL issued a dire release saying that the company does not have sufficient funds to meet the full fruit payroll due tomorrow.
The CPBL says the company directors representing the Citrus Growers Association refused to sign off on Security Documents required by CPBL's Bank.
Well, late this evening, word is, that the CGA directors are now ready to sign off on those documents - and so tomorrow's payment crisis, it appears, will be averted.
CGA representatives have told the media that they never said they would not sign the documents; it's just that they had to keep to their fiduciary responsibility - which required a stringent review of all relevant information - some of which was sent late by the CPBL management.
CEO Dr. Henry Canton this evening told LOVE FM he is optimistic "that things will work out and the looming crisis will be averted, adding that there's a good possibility that documents will be signed by late evening.
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