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Restructuring

Deal with Bondholders Clears Path for Ecuador to Restructure USD17.4bn in Debt

The Republic of Ecuador has reached a preliminary deal with the its largest creditors, paving the way for the country to restructure nearly USD17.4bn in sovereign bonds.

7 Jul 2020

Bips & Pieces Americas Restructuring

Mashreqbank Global Investment Banking Head: Permanency of capital, ESG, and digitisation becoming crucial differentiators for GCC corporates in the face of unprecedented volatility

The COVID-19 pandemic has convulsed the global economy, unevenly weighing on some of the world’s largest emerging markets – not the least of which countries with a heavy dependence on oil revenues. For CFOs and Treasurers based in the GCC region, the pandemic was a crude awakening which quickly led to a liquidity squeeze that is only just starting to ease as a ‘new normal’ begins to set in. Bonds…

3 Jul 2020

LATAM Airlines Follows Avianca in Seeking Bankruptcy Protection, Debt Restructuring

LATAM Airlines announced this week that it would seek bankruptcy protection and restructure its debt after a steep fall in regional and global passengers due to coronavirus-related lockdowns left the company struggling to maintain cashflows and pay off maturing debt.

27 May 2020

Moody's: G20 Debt Suspension Will Only Marginally Ease Pressures on EM Economies

The decision to suspect debt payment on debt to some of the world’s poorest economies will only marginally ease pressures on financing, according to a recent report from Moody’s Investors Service.

22 May 2020

With Widescale Chinese Debt Forgiveness in Africa Unlikely, Focus Shifts to Vulnerable Debtors

China has signalled its willingness to provide debt service relief alongside the G20 by signing onto the landmark agreement in April, a crucial tailwind for several Sub-Saharan African countries. But with wholesale debt forgiveness unlikely and debt reprofiling renegotiations potentially stretching on much longer than expected, attention is now shifting to some of the region’s more vulnerable…

21 May 2020

Sri Lanka’s Central Bank Says the Government Can and Will Pay its Bills, but Investors Aren’t as Certain

The Sri Lankan government has gone on the defensive to counter market speculation about whether unaffordable debt levels and a rapid erosion of its economic fundamentals in the wake of the COVID-19 pandemic will lead to a default.

21 May 2020

Avianca Bankruptcy an Ominous Sign for Other Regional Carriers

Colombia-based Avianca has filed for bankruptcy protection in New York after a halt in global travel due to the coronavirus pandemic ate up more than 80% of its revenues.

11 May 2020

Garuda Sukuk Restructuring Could be a Challenge as Smallholders Make Consensus Difficult

Indonesia’s national airline Garuda may struggle to restructure a sukuk due next month as the sheer number of debt holders throws the possibility of gaining a representative credit committee consensus into question.

5 May 2020

Off the Record: CFOs and Treasurers Target Working Capital Management and Supply Chain Support as Lockdowns Grip Markets

While governments and multilateral agencies announce a raft of measures to support businesses, banks, and individuals, UAE-based CFOs and treasurers batten down the hatches as focus shifts towards liquidity management, supplier support, and cost reduction.

29 Apr 2020

New Binladin CEO Moves Ahead with USD15bn Restructuring – Report

Binladin International Holding Group is said to be moving ahead with an ambitious USD15bn debt restructuring that once complete could pave the way for its return to the forefront of the Saudi construction sector.

27 Apr 2020

Argentina: as Default Looms, Currency Depreciation, Inflation Begin to Bite

As tough negotiations with creditors over the country’s USD70bn debt pile continue, a further decline in the peso and rising food prices are adding to the ever-growing list of issues facing the country’s population.

17 Apr 2020

Emerging Market Debt Renegotiations Start to Pile Up, but Could be Slow to Materialise

Emerging market sovereign spreads widened dramatically throughout the month of March as world governments struggled to contain the economic fallout from COVID-19, with Ecuador, Angola, and Argentina leading losses. Observers say that while debt restructurings are coming thick and fast, the spread of the virus may cause some to be delayed.

2 Apr 2020

Fitch Downgrades Three Nigerian Banks Due to Pressure from COVID-19, Oil Price

The three highest-rated Nigerian banks – Zenith, Guaranty Trust Bank (GTB), and United Bank for Africa (UBA) have been downgraded by Fitch.

30 Mar 2020

Somalia Lands IMF Funding Deal in Huge Boost to Reform Effort

The IMF has agreed to lend Somalia SDR292.4mn (approx. USD395.5mn) as part of a three-year Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) in a significant boost to the war-torn country’s reform efforts.

26 Mar 2020

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