RESTRUCTURING: Belize $547.5m exchange offer
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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