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Creditors Agree To Support Belize’s Proposal To Restructure ‘Superbond’

Less than 48 hours after Belize Prime Minister John Briceño warned that bondholders would be shooting themselves in the feet if they refuse to renegotiate an extension of the grace period regarding a coupon payment missed last month, a group of creditors now say they will support the government’s proposal.   The creditor committee including the US-based GMO and Greylock, as well as the London-based Abrdn, had last week rejected Belize’s proposal to restructure a US$550 million Superbond that emerged from a 2006-2007 restructuring.   The Superbond now contributes to a 133 per cent debt-to-GDP ratio that the International Monetary Fund (IMF) deems unsustainable.   Late last month, the government formally informed bond holders that it would not be able to make a scheduled US$7 million coupon payment to its international bondholders that was due on May 20.

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