Ethiopia Bondholders Start Process to Sue Government Over Defaulted Debt

A group of Ethiopia’s bondholders formally began a process to sue the government over a defaulted $1 billion debt, according to people familiar with the matter.

Members of the Ethiopia Ad Hoc Bondholder Committee last week sent a pre-action letter to the government notifying them of their intent to file a claim in the English courts, said the people, who asked not to be identified as they’re not authorized to publicly announce the move. The authorities have 14 days to acknowledge the letter, the people said, without specifying the timeline.