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Lebanon appoints DF King Ltd. to help identify Eurobond holders -statement (Reuters)
Lebanon appoints DF King Ltd. to help identify Eurobond holders -statement (Reuters)
Last Modified: 12:53 PM, Fri Mar 27, 2020
27 March 2020
BEIRUT (Reuters) - Lebanon has appointed DF King Limited, an Orient Capital Company, to help identify holders of the country's Eurobonds as it works out a broad debt restructuring, a finance ministry statement said on Friday.
Mired in a crippling financial crisis, Lebanon said this month that it was suspending payment on its foreign debt obligations and would enter into negotiations with creditors as part of a debt restructuring. The heavily indebted country has a Eurobond portfolio of around $31 billion and is grappling with a severe hard currency shortage that has hit its ability to import even basic essentials. Beirut is asking that "beneficial owners or investment managers disclose their identity and holding" in order to "facilitate effective communication" between Lebanon and bond holders, the statement said.
Economy minister Raoul Nehme said this month that Lebanon is waiting to see whether creditors will negotiate or take the country to court. The default marks a new phase in a crisis that has seen the Lebanese pound lose more than 40% of its value since October, while hundreds of thousands of jobs have been lost and scores of businesses shut.
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Creditline: Reuters
Slugline: LEBANON-CRISIS/EUROBONDS (UPDATE 1)
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