RESTRUCTURING: Belize $547.5m exchange offer

Jan 17, 2014

The Central American sovereign’s path out of default showed how borrowers and creditors can reach an amicable agreement

Belize’s restructuring was a longtime coming. The government first raised concerns over its payments in March 2012, saying it would review its external debt comprehensively, and urgently. Creditors holding around 57% of Belize’s largest bond formed a committee to negotiate with the government.

BroadSpan Capital was financial advisor and Arnold & Porter legal adviser to the 22-member creditor group. White Oak Advisory was the government’s financial advisor and Cleary Gottlieb its legal advisor.

A few months later, the...

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