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Ecuador Wins Approval to Restructure $17.4 Billion of Debt- Bloomberg

Date: Aug 4, 2020

Ecuador has won the support of enough bondholders to restructure $17.4 billion in international debt, almost a third of its total foreign obligations.

President Lenin Moreno’s government will exchange 10 existing notes maturing between 2022 and 2030 for three new bonds due in 2030, 2035 and 2040. Under the new terms, interest payments will resume at the beginning of next year, while the earliest principal comes due in January 2026.

“With this, we free up resources for social protection and economic recovery,” Moreno wrote in a tweet.

To read the full article on Bloomberg, click here.