Liquidators cut asking price for British American Building
The asking price for the British American Building on Front Street has been cut to $1.95 million.
Earlier this year the distinctive blue building was listed with agents Coldwell Banker for $2.7 million, down from $3.6 million early last year.
The building was home to the British American Insurance Company (BAICO), which was wound up after its 2009 collapse. The drop in asking price means the final distribution to be divided among creditors or policyholders still awaiting a final cheque will be less than hoped.
In a statement sent out last night, KPMG Advisory Ltd, agents to the Official Receiver, said: Creditors should be aware that it remains the objective of the Official Receiver to execute a sale as soon as possible, and that notwithstanding the significant reduction in price aimed at attracting a buyer, no one has yet been identified with the ability to finance the buildings purchase.
As such, in order to assist those purchasers who are finding it difficult to obtain financing in the prevailing economic environment, the Official Receiver has further reduced the asking price to $1.95 million.
BAICO owns 40 percent of the building with the other 60 percent belonging to the BAICO Bermuda pension scheme.
There are approximately 3,800 BAICO policyholders and 6,000 policies.
Policyholders or creditors can obtain further information with regard to British American at www.kpmg.bm/ba or by contacting KPMG Advisory Ltd at firstname.lastname@example.org or by calling the British American hotline on 294-2651.
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