Connect with us

Hi, what are you looking for?

Ecuador Political News

Ecuador Reaches Debt Deal in Principal With Major Creditors- Bloomberg

Lenin Moreno

Ecuador reached a preliminary agreement with some of its largest bondholders to restructure $17.4 billion in outstanding debt, reducing the South American nation’s obligations significantly over the coming decade.

President Lenin Moreno’s government intends to exchange 10 existing bonds maturing between 2022 and 2030 for three new notes due in 2030, 2035 and 2040, reducing the average coupon rate to 5.3%, according to the Finance Ministry. Under the proposal, interest payments would resume at the beginning of next year, while the earliest principal would come due in January 2026. The plan still needs approval from a share of the remaining creditors.

To read the full article on Bloomberg, click here.

Archives

You May Also Like

Chevron Ecuador Blog Posts

1. Steven Donziger Is an Adjudicated Racketeer. The U.S. District...

News & Updates

Disbarred lawyer Steven Donziger likes to present himself to the...

News & Updates

A dishonest campaign is underway to rehabilitate disbarred lawyer Steven...

News & Updates

A Dutch appellate court has rejected Ecuador’s attempt to set...