Cuba Creditor Makes Fresh Effort to Settle Castro-Era Debts
- U.K.-based investor offers deal on $1.4 billion in obligations
- Creditors say agreement may restore access to capital markets
This article is for subscribers only.
An investment firm holding loans the Cuban government defaulted on decades ago is offering a deal it says would help the island return to international debt markets.
CRF I Ltd., the largest holder of Cuban debt in the London Club of private creditors, offered to convert about $1.4 billion of the securities into a zero-coupon loan with no payments until 2026, according to a copy of a letter seen by Bloomberg News. It’s addressed to President Miguel Diaz-Canel, who recently expanded his power by taking over as head of the Communist party, and Cuban diplomats.