Co-op Saved, HRCU Buys Over BBL Debt

Yesterday was supposed to be D-Day for the Northern Fishermen Cooperative - the day when the Belize Bank was supposed to move in to foreclose. But it didn't happen because, at the last minute, the Central Bank - likely with strong urging from the Cabinet - approved the Holy Redeemer Credit Union taking over the debt.

They officially did so - and the Belize Bank has been paid off - so the creditor is no longer beating down the co-op's door.

So, stability has been restored to Belize's biggest co-op but it still has an 8 figure debt to service - and now comes under very strict manners. As we understand it, both the registrar of cooperatives and the credit union will have input and oversight of board decisions going forward.