Ennia Restructuring Process Update  



WILLEMSTAD / PHILIPSBURG – Following extensive consultations aimed at resolving the issues at  Ennia Caribe Leven N.V. (ECL), the government of Curaçao announced last week its decision to  depart from the initially proposed turnaround plan. Instead, the government of Curaçao has  opted for a phased and controlled wind-down of ECL.  

Over the next few weeks, the Centrale Bank van Curaçao en Sint Maarten (CBCS), in  collaboration with the governments of Curaçao and Sint Maarten, will further discuss and  develop the phased and controlled wind-down plan for ECL. Such a strategy also necessitates  the consideration of how to handle the healthy components of the Ennia Group, including Ennia  Caribe Schade N.V., Ennia Caribe Zorg N.V., Ennia Caribe Leven Aruba N.V. and Ennia Caribe  Schade Aruba N.V. Additionally, special attention will be devoted to the portion of ECL policies  built upon premium payments made after the emergency regulation was declared. 

The emergency measure will remain in effect during this elaboration period, with the CBCS  safeguarding the interests of Ennia’s creditors as a whole, including policyholders.