Godfrey expects to come into a windfall of sorts by mid-August when he sell Intelco, presumably to ICC.
As we've reported, ICC's owner Jeffrey Prosser arrived in Belize two days ago to negotiate a buyout of Intelco. 7NEWS has obtained a copy of a provisional Memorandum of Understanding between Intelco and Belize Telecom Limited, Prosser's parent company for Belize Telecommunications Limited.
As outlined in this MOU, the deal is that Intelco would declare a voluntary foreclosure and BTL would purchase all the assets of Intelco and assume the debts Intelco has to the Royal Bank of Trinidad and Tobago which is U.S. $24.8 million, and the debt to the International Bank of Miami which is U.S. $8.3 million.
As for the debt to Godfrey's Provident Bank which is U.S. $6.8 million, that would be paid off with an equivalent amount of stock in Belize Telecom. Again, this memorandum is a proposal, and the final deal may differ that could be closed by mid August.