Belize step-up bond restructuring talks intensify; no agreement yet

By Caroline Salls

Pittsburgh, Nov. 20 - The Government of Belize said debt restructuring negotiations with holders of its step-up bond due 2029 are ongoing and have intensified, according to an update released Tuesday.

No agreement has been reached to date with holders of the country's superbond.

According to the update, there is no timeframe for completion of the bondholder talks. Belize said the creditors committee has not yet submitted a counter-proposal, although the country has invited it to do so.

In addition, the country said it does not expect the expiration of a 60-day voluntary standstill offered by the committee in September to have an effect on the substance or timing of the ongoing bondholder discussions.

Belize said discussions with the creditors committee have focused in recent days on the country's growth and fiscal outlook, expected financing shortfalls and appropriate ways to deal with additional liabilities that are not yet part of the official public debt stock.

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