Chad signed a deal with Glencore Plc to restructure more than $1 billion in debt in an agreement that will help the African nation to avoid a financial crunch.
The review was signed on Wednesday and is a “good outcome” for Chad, Guillaume Foucault, a spokesman for the country’s national oil company, said by phone from Paris. Under the terms of the agreement, the loan’s maturity is extended to 12 years while Chad will receive a grace period of two years, said Foucault.