Hints and tips:
...Ukraine’s international bondholders have formed a creditor committee ahead of a $20bn debt restructuring that Kyiv is aiming to negotiate by September, amid uncertainty over the arrival of funding to help...
...Finally, China’s representatives in the Official Creditor Committee kiboshed an initial agreement between Zambia and its bondholders in part due to fears this would not leave enough room for a comparable...
...Hichilema’s government signalled that China and the country’s other official creditors were happy with the latest bondholder deal, after delays that made Zambia a symbol of the failure of a G20 initiative...
...The bondholders’ committee said on Monday “it was not for official bilateral creditors to dictate debt terms to other creditors in circumstances where the government has confirmed comparability of treatment...
...Yet even with the adjustment, the Official Creditor Committee (OCC) did not bless the deal....
...The bondholder committee agreed to directly forgo $700mn of postdated interest as part of the deal, unlike official creditors, which have preferred to avoid writedowns in favour of reducing the cash flow...
...and the Comparability of Treatment principle as agreed with its Official Creditor Committee (the “OCC”), as confirmed in the Government’s press statement of 26 October....
...But lawyers for Purdue, the Sacklers and the creditors committee, which includes individual claimants, have argued the full liability release is a condition for the Sacklers making any financial contribution...
...A committee of bondholders agreed to extend maturities and slash interest payments on terms matching recent breakthrough deals with China, Zambia’s biggest lender, and other official creditors, the southern...
...FTX is seeking court permission to appoint Galaxy, which it said was chosen in consultation with the official committee of unsecured creditors and after considering other potential investment advisers....
...Zambia’s debt restructuring deal with bondholders has been nixed by its Official Creditor Committee because it breached of the ‘comparability of treatment principle’ — where no creditor should receive more...
...It has not, according to the Determinations Committee, the finance-industry group that’s in charge of these types of matters. The committee decided that on June 2. Then it decided again on June 8....
...senior unsecured notes due in January 2026....
...The January 6 committee in Congress finished its work and was disbanded earlier this year, after Democrats lost control of the House of Representatives in last year’s midterm elections....
...It follows an agreement with official creditors in June to refinance about $6.3bn owed to bilateral lenders including China and marks another significant easing of pressure on the country’s economy....
...A finance ministry committee known as CIRI that helps distressed companies has been taking part in talks over Casino’s negotiations with creditors....
...While Sri Lanka’s non-Chinese bilateral creditors formed a committee, Beijing has negotiated separately....
...other official bilateral creditors — by the end of the year....
...Lesson 9 The Common Framework remains a bit of a dud The main innovation of the Common Framework was that China would negotiate together with the Paris Club through a single official creditors committee...
...There’s a big difference between being an unsecured creditor of Venezuela and having a claim on Citgo....
...In fact, Sri Lanka is negotiating with many distinct external creditor groups — the official bilateral creditor committee organised by the Paris Club; China’s official creditors (basically China Eximbank...
...EY said that given its own status as an unsecured creditor, it planned to hire another firm to run the liquidation of the company in future in the event there was enough cash to make any payment to unsecured...
...Meanwhile, some owners of Casino’s unsecured bonds also have more investor protections than others, a further obstacle to creditors finding common ground....
...Kevin Daly of Abrdn, an asset manager and member of a committee representing private-sector bondholders, said the IMF deal implied external creditors would take a $10.5bn hit between 2023 and 2026....
...As a former US government official, and a Reaganite, Nichols knows whereof he speaks....
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