Glencore, Chad Are Said to Deadlock on $1 Billion Debt Deal
- Chad seeks longer grace period, maturity than Glencore offer
- Glencore letter accuses African country of breach of agreement
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Talks between Chad, Glencore Plc and a group of banks to restructure more than $1 billion in debt have stalled after the African nation rejected the commodities trader’s latest proposal to delay repayment of an oil-for-cash loan, according to people familiar with the negotiations.
The negotiations reached a stalemate after five months of on-and-off talks, with both sides rejecting the other’s offers and counter offers, said the people, who asked not to be identified because the discussions are private.