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Ecuador ploughs on with $17.4 billion debt revamp with major creditor support- Reuters

Date: Jul 21, 2020

Ecuador pushed forward with its debt overhaul plans on Monday, requesting a vote among its creditors on reconfiguring the terms of $17.4 billion of its external bonds, with its largest group of creditors backing the proposal.

Under the proposed deal – unchanged from the government’s earlier proposal – 10 existing bonds maturing between 2022 and 2030 would be swapped for three bonds due in 2030, 2035 and 2040, as well as a past due interest bond maturing in 2030.

This would provide debt relief of more than $10 billion over the next four years and $6 billion more between 2025-2030, and deliver a nominal haircut of 9%.

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