Belize reached agreement on restructuring bond

Last week, it was announced by Prime Minister of Belize Dean Barrow that the government of Belize reached an agreement with creditors concerning restructuring of the $544 million bond – that is approximately one half of total unpaid debt of the country. This agreement that followed long negotiations allows the country to avoid default.

Details of the restructuring will be released at a later date. Mark Espat, the leader of Belize’s negotiating team on the debt restructuring, explained that details of the deal could not be made public until they were completely explained to all of Belize’s creditors.

In August 2012, Belize missed US$23 million coupon payment on the country’s Step-Up Bonds due 2029, although in September it made an $11.7 million interest payment.

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