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Sovereign bonds
Ukraine creditors form committee as Kyiv seeks debt restructuring
...The country’s official creditors have already extended their own debt payment moratorium to 2027, when Ukraine’s current IMF bailout ends, and signalled that they will restructure at that stage....
April 16, 2024
Sovereign debt
Zambia agrees deal to restructure nearly $4bn of bonds
...Official creditors will benefit from a similar arrangement if Zambia outperforms....
March 25, 2024
FT Live
FTWeekend Festival: U.S. edition
Where the Financial Times weekend paper comes to life
Saturday, 4 MayThe REACH, at the Kennedy Center for the Performing Arts, F Street Northwest, Washington, DC, USA
Global Economy
Blurred [sovereign debt restructuring] lines
...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...
April 18, 2024
Zambia
Zambia’s debt restructuring derailed after official creditors reject deal
...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...
November 20, 2023
Global Economy
Zambia’s comparability conundrum
...Yet even with the adjustment, the Official Creditor Committee (OCC) did not bless the deal....
January 3, 2024
Zambia
Zambia debt deal hits fresh hurdle over official sector concerns
...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...
November 10, 2023
FT Live
The Global Boardroom: 8th Edition
FT journalists in conversation with leaders in business and government
Wednesday, 4 DecemberDigital Conference
Sovereign bonds
Zambia’s bondholders are ‘very disappointed’ and ‘deeply concerned’
...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....
November 20, 2023
Purdue Pharma LP
US Supreme Court grapples with Sackler liability releases in Purdue bankruptcy
...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...
December 4, 2023
Zambia
Zambia reaches deal for debt relief on $4bn owed to bondholders
...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...
October 26, 2023
FTX Trading Ltd
FTX turns to Mike Novogratz’s Galaxy Digital to sell crypto tokens
...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....
August 24, 2023
Capital markets
We should all be ‘very disappointed’ and ‘deeply concerned’ about Zambia’s debt predicament
...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...
November 27, 2023
Casino Guichard-Perrachon SA
What does the CDS market have in common with a toddler?
...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....
August 17, 2023
Corporate bonds
(3x3)rd time’s the charm?
...The Determinations Committee decided Monday to consider the question, but no decision has yet been announced at pixel Tuesday (early morning UK time)....
August 22, 2023
News updates from October 26: US GDP rises 4.9%, Ford strikes deal with auto union
Zambia reaches agreement in principle with holders of defaulted bonds
...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....
October 26, 2023
Casino Guichard-Perrachon SA
Billionaires Křetínský and Niel compete for Casino
...A finance ministry committee known as CIRI that helps distressed companies has been taking part in talks over Casino’s negotiations with creditors....
July 4, 2023
FT Live
Africa Summit
Africa in a complex world
Tuesday, 29 OctoberLondon, UK
Sri Lanka
Sri Lanka reaches preliminary debt deal with China’s Exim Bank
...While Sri Lanka’s non-Chinese bilateral creditors formed a committee, Beijing has negotiated separately....
October 12, 2023
World
Sri Lanka’s US cavalry is here
...The expectation is that the official creditor committee will reach consensus on debt treatment terms — including a term committing Sri Lanka to seek comparable treatment from its commercial creditors and...
October 3, 2023
Sovereign bonds
Ten lessons from Zambia’s (incomplete) restructuring
...But it doesn’t seem like China’s participation in a single committee facilitated much actual co-operation: it took a year and a half for the Official Creditor Committee to provide financing assurances after...
September 12, 2023
Americas companies
How Venezuela lost Citgo
...There’s a big difference between being an unsecured creditor of Venezuela and having a claim on Citgo....
September 26, 2023
Sovereign bonds
Is the IMF setting Sri Lanka up for a second car crash?
...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...
September 5, 2023
Britishvolt
Britishvolt owed up to £160mn to creditors when it collapsed
...Before taking on its role as administrator, EY was already owed £4mn as an unsecured creditor for its work advising the company....
March 14, 2023
News in-depthCasino Guichard-Perrachon SA
Debt-laden French supermarket Casino faces fraught new chapter
...Meanwhile, some owners of Casino’s unsecured bonds also have more investor protections than others, a further obstacle to creditors finding common ground....
May 22, 2023
Ghana
Ghana secures $3bn IMF deal after creditors agree to debt restructuring
...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....
May 18, 2023
Sri Lanka
Sri Lanka commits to $42bn domestic debt restructuring
...It has also not joined a committee of creditors designed to accelerate the restructuring process....
June 28, 2023
FT Swamp Notes
The loneliness of Mike Pence Premium content
...As a former US government official, and a Reaganite, Nichols knows whereof he speaks....
March 22, 2024

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