Belize Makes Preparations to Face Committee of Bondholders

Mark Espat

Ambassador Mark Espat, who will meet with bondholders directly, outlines three possible outcomes.  While it is too early to determine any figures and dollar amounts, Espat says that the formation of a creditor committee is pending.

Mark Espat, Economic Ambassador

“I think there are only three possibilities in that regard.  There is the coupon rate, the interest rate being paid.  There is the time when the principal repayment is supposed to start which at this present time is August 2019 and there is the ultimate maturity which is scheduled at this time for 2035.  So those are the three elements that will be in play.”

Reporter

“What are those numbers?  Can you say that you intend to look at and propose to those bondholders?”

Dean Barrow

Mark Espat

“No.  I think that would be premature at this point.  The Government of Belize, in the terms and conditions of the bond, have an obligation to consult with bondholders and to confer with a creditor committee when such a committee is formed.  We fully expect that that committee will be formed in the coming days and Belize will engage in those discussions in good faith, with the ultimate objective as Prime Minister Barrow enunciated just now, to ensure long terms sustainability.”

Prime Minister Dean Barrow

“As I said, the whole idea was to be certain that in terms of our game plan going forward we were all absolutely on the same page so that there could be no surprises.  That was basically what that meeting was about, preparatory to, as I said, the actual engagement with the bondholders which Cleary, by way of Mr. Buckite and Citi and Ambassador Espat will lead.”