Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Economy, Miscellaneous, People & Places » P.M. to New York to Talk to Superbond Team
Feb 14, 2017

P.M. to New York to Talk to Superbond Team

Prime Minister Dean Barrow is headed to New York City again on Superbond business. The Government last week extended the time for response to its consent solicitation offer to February twenty-fourth, 2017, four days past the due date for the interest payment due on the current iteration of the U.S. five hundred and thirty-seven million package of debts. An official release states that the Prime Minister will be meeting with Belize’s legal and financial team presently negotiating the restructure of the Superbond. While neither side has been willing to give much, both the Prime Minister and his financial secretary Joseph Waight have remained cautiously optimistic that they will be able to strike a deal despite the bondholders’ outright rejection of the original offer, which was for a steady, reduced interest rate of four percent up to the big loan payments in three tranches between 2036 and 2038. We replay their statements of February tenth in the case of the Financial Secretary and January twenty-seventh following the meeting of the House of Representatives from the Prime Minister.

 

Joseph Waight

Joseph Waight, Financial Secretary [File: February 10th, 2017]

“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?”

 

Dean Barrow

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.”

 

 

Prime Minister Dean Barrow [File: January 27th, 2017]

“We certainly have come away with the impression that there is a willingness on the part of the bondholders, the creditor committee and their advisors, to discuss matters. I don’t want to put it any higher than that; I don’t want to misrepresent them, but it’s not that we just took it into our heads that this thing ought to be extended; we are extending for what we feel is good and sufficient cause.”

 

The Prime Minister is expected to return to Belize on Sunday, February nineteenth, 2017.  During his absence, Deputy Prime Minister Patrick Faber will act as Prime Minister.

Be Sociable, Share!


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

Leave a Reply

CAPTCHA Image
*