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Jan 17, 2017

P.M.’s Threats of Economic War over Arbitration May Haunt Belize

Will Prime Minister Dean Barrow’s words in the House of Representatives on Friday, threatening “economic war” if Caribbean Investment Holdings Limited and Belize Social Development Limited attempt to collect on arbitration awards upheld by the U.S. Supreme Court for more than fifty million U.S. dollars by seizing Belizean assets, come back to haunt him? While he noted that there are none, the words do not exactly inspire confidence from the holders of Belize’s Superbond, who adviser Charles Blitzer says are considering the reaction and payment of the awards as part of the overall fiscal situation that they must consider in ultimately deciding whether to accept Belize’s offer for a third restructuring. He warned that Belize doesn’t appear to be there yet.

 

On the Phone: Charles Blitzer, Blitzer Consulting

“Bondholders need to see a clear picture of the fiscal situation going forward and the balance of payments situation; and how the arbitration awards are or not treated as part of that overall view. But we need to see the whole picture, and see a picture where everything sort of becomes in focus…but not yet.”

 

Blitzer says that the bondholders’ negotiations with the Government continue in good faith, but the end result must be that the Government doesn’t again have to return for yet another restructuring. Local officials told us on Monday that were the bondholders not to go along with their proposal, then they would be considering their own options. The Consent Solicitation remains open for another nine days, until January twenty-sixth.

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1 Response for “P.M.’s Threats of Economic War over Arbitration May Haunt Belize”

  1. Canero says:

    Rollllllll it!!!!!

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