FosRich is seeking relief while negotiating bank restructuring, property finance and new equity after a sharp deterioration in trading.
A request for time on the
FosRich managing director asked for up to six months of after delayed interest payments, according to a September 28 letter described by the Jamaica Observer. The letter preceded a September 29 meeting. acceptance remains unresolved.
The J$900 million carries a 12.5% and matures in February 2029. At the end of 2025 it represented about one-third of the group’s J$2.72 billion debt and 44% of the company’s J$2.04 billion debt.
The request would give FosRich temporary relief on while management seeks a broader financing arrangement.
The deterioration in trading and
FosRich’s first-half 2026 net loss exceeded J$444 million, compared with J$189.56 million a year earlier. Revenue fell to J$812.34 million from J$1.59 billion. attributed part of the pressure to lower international solar-panel prices since 2024, despite improved sales volumes. That explanation distinguishes the quantity sold from the revenue earned on those sales.
described worsening over 12–18 months, alongside delayed supplier payments and inventory deliveries. He said monthly revenue had fallen from above J$300 million to below J$150 million. A 42% was insufficient to cover operating expenditure and debt costs, in his account.
The fell to 1.07 in 2025, after 1.39 at the end of 2023 and 1.46 in 2024. The measure compares current assets with current liabilities, although assets such as inventory and receivables can take time to turn into cash.
Management reported administrative cost reductions exceeding J$160 million through branch closures, contract terminations, salary adjustments and other expense reductions. Those actions address the cost base, while the financing talks address the debt and working-capital position.
Bank negotiations, property finance and equity
FosRich was working with First Global Bank, JN Bank and VMBS, with KPMG analysing its position. A proposed VMBS package would combine a J$1.7 billion with a consolidation of up to J$2.5 billion to repay existing debt and provide .
First Global Bank discussions concerned restructuring loans over up to 15 years and an initial pause in repayments. Talks with JN concerned more manageable terms on a smaller facility. FosRich was also considering alternative private financing.
Owners proposed a of up to J$1 billion, a planned capital raise alongside the debt consolidation and property transaction.
FosRich also plans independent and an independently chaired with written terms of reference.
Balance-sheet values and forthcoming results
FosRich recognised a J$543.31 million property in the second quarter of 2026. The accounting revaluation raised the property’s recorded value without generating proceeds from a sale.
totalled J$1.55 billion at the end of 2025, about 24% of group assets of J$6.54 billion. LCCM owed J$874.08 million and BCDundee J$648.17 million, with a reported maturity in December 2030. Their repayment schedule leaves the company needing funding for current .
The annual general meeting was scheduled for October 27 and the next quarterly results for November 14. The unresolved matters were whether creditors would accept the requested relief and which elements of the financing and governance plans would be completed.
