FosRich Company Limited has asked holders of its J$900 million 12.5 per cent bond for forbearance of up to six months, acknowledging “continued delinquency” on interest payments while it restructures its debt.

The request was made in a letter from the company’s managing director to JCSD Trustee Services Limited dated September 28, a day before a bondholder meeting. The bond matures in February 2029.

The outcome of the September 29 meeting has not been made public.

The letter sets out a three-part plan. FosRich intends to complete a J$1.7 billion sale-and-leaseback of real estate, then issue a consolidation bond of up to J$2.5 billion to repay existing lenders. It also plans to cut administrative costs by more than J$160 million through branch closures, contract terminations and salary adjustments.

The company told the trustee that monthly revenue has fallen from more than J$300 million to under J$150 million.

That decline is consistent with its filed results. In its first-quarter management discussion and analysis, FosRich reported revenue of J$415.2 million for the three months to March 31, down from J$852.9 million a year earlier, and a net loss of J$178.8 million against J$68.6 million. The same filing said the company was engaged with its financial partners on a sale-and-leaseback of its real estate.

The half-year loss widened to J$444 million. Shareholders’ equity stood at J$1,314 million at the end of March, down from J$1,493 million at December 31, 2025, according to the first-quarter filing. A second-quarter loss of the size implied by the half-year figure would reduce it further.

The J$900 million bond represents about one-third of group debt of J$2.72 billion. Related-party balances stand at J$1.55 billion.

The proposed sequence makes the consolidation bond dependent on the property transaction. Sale-and-leaseback proceeds of J$1.7 billion would cover less than two-thirds of group debt, leaving the balance to be refinanced through new paper issued by a company that is currently behind on interest. The letter, as described, does not name an arranger, pricing or security for the new bond.

A sale-and-leaseback would also replace owned property with lease obligations, adding a fixed charge at a time when revenue has halved.

FosRich distributes electrical, lighting and solar energy products and manufactures PVC pipe. It reported a staff complement of 240 in its first-quarter filing.

The company’s annual general meeting is scheduled for October 27. Its third-quarter report is due by November 14.

FosRich has not published a notice on the Jamaica Stock Exchange regarding the missed interest or the forbearance request.