Jamaica Broilers gets $15.1b financing lifeline from NCB Financial
Published:Friday | January 16, 2026 | 12:11 AM
Banking conglomerate NCB Financial Group has arranged J$15.1 billion in senior secured financing for Jamaica Broilers Group (JBG), providing a financial lifeline to one of Jamaica’s largest food producers as it works to stabilise operations following challenges in its US segment.
“We are encouraged by the approach being taken to address the matters identified in the group’s US segment and have designed bespoke financing solutions aligned with JBG’s specific recovery and capital needs,” said Angus Young, CEO of NCB Capital Markets and executive vice-president of corporate and investment banking at National Commercial Bank Jamaica, in a release on the matter.
The proposed solution includes $6.4 billion in loans from NCB, in addition to NCB Capital Markets arranging $8.7 billion in multi-tranche bonds extending up to 14 years.
The difficulties in its US division led to the resignation of a key executive and pushed the group into a negative capital position during a reporting period, before some equity was restored in subsequent quarters.
The NCB release also stated that it led negotiations with other domestic creditors of JBG in resetting financial covenants and modifying the collateral security package. This is expected to provide JBG with the stability and runway required to execute its recovery strategy, reinforce internal controls, and return its operations to sustainable performance, while supporting the continued growth of its local operations, the release stated.
“We are implementing a disciplined turnaround plan that places governance, oversight, and operational efficiency at the core,” said Christopher Levy, group president and CEO of JBG. “We have strengthened leadership, restored financial controls, engaged auditors with specialised sector experience, and brought our US operations under the direct supervision of the group’s Jamaica-based leadership. With NCB’s support, we are confident in our ability to regain momentum and rebuild shareholder value.”
The financing comes as JBG grapples with the fallout from accounting irregularities and mismanagement in its US operations that wiped out shareholder equity and raised questions about internal controls at the decades-old agricultural conglomerate.
The group reported negative equity of $10 billion for its audited year end in May 2025. Its recovery, however, still resulted in trading losses for its second quarter to November, but its capital climbed to end the period at $31.5 billion.
Last year, Stephen Levy, who headed the US operations, resigned amid the turmoil. His departure marked a leadership change as the company sought to bring its American businesses under tighter oversight from the Jamaica-based management.
“JBG is one of Jamaica’s most significant indigenous agribusiness companies, with a critical role in national food security, employment, and rural livelihoods,” said Young. “Our support is grounded in the strength of the company’s core Jamaican operations and the decisive corrective actions now under way.”
In its US segment, the accounting irregularities related to inventories and biological assets, along with goodwill impairments and previously unrecorded liabilities. These matters adversely impacted cash flows and profitability. The magnitude of the adjustments was severe enough to temporarily push the company into negative equity territory – a red flag that typically signals financial distress.
The company indicated that its core Jamaican operations remained profitable throughout the crisis, generating net profit of $2.5 billion despite the US troubles. That domestic strength proved crucial in securing NCB’s backing.
Jamaica Broilers has been a cornerstone of the island nation’s agricultural sector for decades, supplying poultry, eggs, feed, and other agribusiness services. The company’s difficulties sent ripples through Jamaica’s business community and raised concerns about food security, given its central role in domestic protein supply.