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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