Posts tagged 'Belize'

And the beat goes on, pari passu and sovereign restructuring edition

They’ve become interesting side-players in the saga principally starring Argentina — so it’s probably worth noting the latest from these two Caribbean sovereigns…

Belize has closed its restructuring with 86 per cent approval by its creditors: Read more

I can’t Belize it’s not ratable payment [updated]

Update (Feb 26) – It turns out that we failed to be clear on something pretty important here… rendering our headline ironically pretty apt. Maybe you really can’t believe Belize’s disavowal of ratable payment on its bonds.

OK, so here’s the section on pari passu language in the new bonds’ Offering Memorandum: Read more

You’re un-Belizeable, encore

Latin American country tells creditors they can’t be serious…

While acknowledging that the Committee’s counter-proposal provides a degree of short-term cash flow relief, the GoB considers it to be wholly incompatible with its objective of placing the country’s debt burden on a sustainable footing – a goal that the Committee itself has indicated it is committed to at various stages. The GoB believes that the counter-proposal ignores Belize’s high overall debt levels, and that it amounts to little more than a short-term fix not dissimilar to the 2007 exercise. Read more