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Mozambique to hold creditor meeting to propose debt restructuring
By Susanna Moon
Chicago, Feb. 23 – The Ministry of Economy and Finance of the Republic of Mozambique will present the country’s debt restructuring proposals to its commercial financial creditors at 9 a.m. ET on March 20 in London.
Mozambique also will provide its debt holders an update on its fiscal and macroeconomic developments in Mozambique, according to the notice.
Creditors who would like to attend may register by 1 p.m. ET on March 19 at https://goo.gl/UCsi34.
As announced July 18, Mozambique did not make the coupon payment due on its $726,524,000 of 10½% notes due 2023.
The sovereign’s ministry of economy and finance previously said, “The challenging macroeconomic and fiscal situation of the republic has severely affected the country’s public finances.”
As a result, it does not have enough debt payment capacity to make the interest payment.
Mozambique previously missed the $59.76 million payment due Jan. 18 on the 10½% notes.
In Tuesday’s announcement, Mozambique said its government is “committed to finding a consensual and collaborative resolution to the current financial crisis through dialogue with the holders of its direct and guaranteed external commercial obligations.
“It will be critical that any solution is based upon a realistic appraisal of the republic’s capacity to pay, while at the same time is respectful of the interests of the republic’s international investors.
“The objective in the debt restructuring process will be to establish an external commercial debt profile that is credible, sustainable and appropriate in light of the critical development needs of the country.”
Mozambique is being advised by White & Case LLP and Lazard Freres.
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