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Feb 10, 2017

Another Extension for Superbond; FinSec Says There’s “Some Progress”

Joseph Waight

The Government of Belize has once again extended the Consent Solicitation Offer to bondholders for its terms on the proposed re-negotiation of the 2038 Belize Bonds or Superbond. The offer now expires on the twenty-fourth of February. Financial Secretary Joseph Waight told us that discussions continue and the Government it will make progress – perhaps enough to avoid default on the interest payment due on February twentieth. But only the Prime Minister can decide that.

 

Joseph Waight, Financial Secretary

“The discussions continue; we are hopeful that it will be fruitful and we need to give the process more time, so the Government today has extended it for a further two weeks.”

 

Reporter

“What’s the rationale behind extending, sir, and are there consultations and discussion happening while these extension periods continue?”

 

Joseph Waight

“That’s the whole purpose of an extension, to give the discussions more time to bear fruit; but the discussions are continuing on a daily basis.”

 

Reporter

“How receptive have the bondholders been, since their first public indications that this isn’t an offer that they are able to accept?”

 

Joseph Waight

“The conversation goes on, and there are information requirements; they have asked for more information which we have given them, and they have come back again and asked for a little bit more, but there’s some progress.”

 

Reporter

“Sir, the payment that is due looms closer and closer; will Belize be making that one; are there contingency plans to do this, or are we banking on the bondholders completely accepting this current solicitation offer?”

 

Joseph Waight

“Yes, the payment is due on the twentieth, and the only person that can really answer that, to call on that, would be the Prime Minister in due course.”

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