Belize Rejects Restructuring Offer on $544 Million Superbond
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Belize rejected a debt restructuring proposal by creditors holding more than half of a $544 million defaulted bond three months after the government missed a coupon payment.
Belize rejected the bondholders’ Nov. 21 restructuring proposal, which is “wholly incompatible” with the country’s objective to make its debt sustainable, according to a statement posted on the central bank’s website today. The Central American country paid creditors $11.7 million Sept. 20, about half of the $23 million coupon payment it failed to make Aug. 20.