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Sep 20, 2012

Belize makes good-faith partial payment on Superbond

Prime Minister Dean Barrow made some baffling statements on his arrival from the US on the superbond, but today there is some clarity. There were two releases issued this afternoon in respect of the forty-six million dollar superbond payment that bring relief going into the Independence Day celebrations. Firstly, the government has announced that today it has been “successful in raising the money required to make a partial payment… of eleven point seven million dollars, which amounts to approximately fifty percent of the interest payment due to the bondholders.” According to the government, it has been engaged with the creditors committee to reach an understanding regarding a restructuring with the instrument consistent with Belize’s debt service capacity. The other release came from the Creditors Committee, which acknowledged the payment saying that talks are progressing towards a mutually agreeable restructuring of the bonds and that both sides identified and appropriate framework to advance negotiations. The committee has also agreed not to go to litigation in the next two months to give time for the restructuring negotiations to conclude. The committee, which is represented by AJ Mediratta, of Greylock Capital Management, LLC, is also recommending that other bondholders refrain from lawsuits against the government of Belize during the negotiating period. According to Creditors Committee, the two parties have agreed to a limited confidentiality agreement to facilitate the restructuring process.

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9 Responses for “Belize makes good-faith partial payment on Superbond”

  1. Storm says:

    I’m surprised and happy for any payment on our debt. I don’t know why Hon. Barrow felt necessary to talk like a fool yesterday if he knew a part payment was coming. and if he didn’t even know that, what is he doing as PM? It’s the biggest national crisis of the week. So far.

    Maybe our “team” should stop playing games and politics with the problem, stop shooting from the hip to the press, and handle our obligations privately and professionally until negotiations are concluded, one way or the other.

    With this claimed extension of 60 days, we will get the final news just a month before Christmas.

  2. Ricky Malthus says:

    So Barrow has taken a baby step in the right direction. So let’s see if he will demonstrate the intellectual leadership as Prime Minister of all Belizeans to bring the PUPs, the VIPs, the Party in Toledo, all private businesses and local investors, educators and the churches to bear on solving this debt problem. Let’s see if Barrow and his regime can reduce taxes particularly, the gasoline tax, exhort the business community to invest , thereby creating thousands of private jobs and reducing the crushing unemployment, reduce prices, infuse some money in the economy by encouraging the commercial banks and credit unions to lend one billion dollars at 6% to fund agriculture, construction, education, housing and to end foreclosures. Let’s see if Barrow is not truly a disciple of Don Scotus. Let’s see if Barrow can act on behalf of our fellow Belizeans for once instead of all the foreign elements and fifth columnists in the judiciary and the government at large that he is has brought to our shores. Remember DeanBarrow, your actions are transparent and We Belizeans are tired of your skullduggery and inane speeches.

  3. Rod says:

    What an incompetent pm and gov. Shhhhhhhhhhhhhhhhhhhhh

  4. marsebo says:

    hahahahaha The Grand Beggar Dean Thug Barrow puts his tail between his legs and pays hhahahaaaaahahahahaah

  5. Uncle Benji says:

    Baffling indeed. So Dean Ali Ba-Barrow was able to come up with $11 million dollars for a partial payment. Where did this $11 million come from? Is it another loan being used to pay off the bond? Six of the same and half dozen…………….. we are taking two steps forward and one……. you get the drift.

  6. thug says:

    hahahahahhahhahh the grand beggar Dean thug Barrow, finally puts his tail between his legs and pays hahahahahahahahahah

  7. issues says:

    This is what happens when you try to pay your Visa with your MasterCard.

  8. iworkhere says:

    Perhaps it’s time to start placing comments that are intelligent on the site. It makes everyone look foolish right now.

  9. zorito says:

    pm agen..

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