Minister Coye Provides Update on Superbond

Chris Coye

And while the media had him engaged, they asked Minister Coye for an update on the status of the negotiations on the proposed repayment structure for the Superbond, as Belize hopes to be able to convince the representatives of the bondholders to agree to a thirty percent reduction on the payment installments.  As has been reported, the Government was successful in getting the other party to extend the grace period for the coupon payment of U.S. six point five million dollars until September nineteenth. That is exactly one month from today. Minister Coye indicated that the process is a gradual one, but that it looks promising.

Chris Coye, Minister of State, Finance, Economic Development, Investment

“I think there was an extension of the NDA (non-disclosure agreement) to the end of next week, I believe. We look forward to its conclusion and as I had mentioned before, I think, we should have some positive results on that.  I suppose it’s always an amicable process. We rely on our advisors to have most of those communications with the Creditors’ Committee. It’s a back and forth. It’s basic – it’s a negotiation, so.”