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Debt recovery team to look at Superbond “haircut”

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Posted: Saturday, January 9, 2021. 5:34 pm CST.

By Aaron Humes: Prime Minister John Briceno says he has appointed a Debt Recovery Team to look at the process for a possible restructuring of the Superbond, the fourth since 2007.

But he made clear that nothing less than a “haircut” – reduction of the principal payments – will do.

“I will be coming to the public soon as to what is the process we are taking. But we are looking at – everything is on the table, everything. And I said it when I was in Opposition – that when we look at the restructuring of the Superbond, renegotiation of the Superbond, we are looking for a haircut. We don’t want [any] deferring of payments and so forth; because it just continues to cost the Belizean people more. So we are going to tell [the bondholders] plain that we have to get a cut, that is the only way we are going to settle this once and for all,” Briceno told us.

As we have reported, the bond, over $1 billion, is due in 2034 after interest payments strung out to 2029 and principal payment ‘soft bullets’ due thereafter.

 

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