Zambia negotiates $3.3 bln commercial debt restructuring, after bonds deal [Yahoo! Finance]
INDUSTRIAL & COM UNSP/ADR (IDCBY)
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Source: Yahoo! Finance
overseas holders of its sovereign bonds last week, an official said on Wednesday, as the country seeks to emerge from a three-year default. "We have already started negotiations and with some we are almost reaching there," Secretary to the Treasury Felix Nkulukusa said at a public meeting, referring to private creditors other than bondholders. "The $3.3 billion is the money that we have to continue engaging (on) and we are engaging in good faith," he said. Zambia reached a deal-in-principle with private commercial bondholders, mainly western asset managers, to rework about $3 billion in international bonds on March 25, bringing it closer to finishing a complex process after multiple delays. The copper-producing country, which is dealing with a devastating drought, now needs to negotiate restructuring agreements with its other commercial creditors, having also reached a deal with bilateral creditors in June 2023. The remaining commercial lenders include the Chinese state-owne
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