AGL 5.40 No Change ▼ 0.00 (0%)
ANL 8.79 No Change ▼ 0.00 (0%)
AVN 76.16 Decreased By ▼ -0.09 (-0.12%)
BOP 5.17 Decreased By ▼ -0.02 (-0.39%)
CNERGY 4.48 No Change ▼ 0.00 (0%)
EFERT 81.10 No Change ▼ 0.00 (0%)
EPCL 49.00 Decreased By ▼ -0.01 (-0.02%)
FCCL 12.70 No Change ▼ 0.00 (0%)
FFL 5.59 Decreased By ▼ -0.03 (-0.53%)
FLYNG 6.98 Increased By ▲ 0.05 (0.72%)
FNEL 4.63 Decreased By ▼ -0.02 (-0.43%)
GGGL 8.59 Decreased By ▼ -0.01 (-0.12%)
GGL 14.06 Decreased By ▼ -0.09 (-0.64%)
HUMNL 5.50 Increased By ▲ 0.01 (0.18%)
KEL 2.60 Increased By ▲ 0.01 (0.39%)
LOTCHEM 27.71 No Change ▼ 0.00 (0%)
MLCF 23.68 Increased By ▲ 0.08 (0.34%)
OGDC 71.45 Decreased By ▼ -0.12 (-0.17%)
PAEL 15.20 No Change ▼ 0.00 (0%)
PIBTL 4.91 No Change ▼ 0.00 (0%)
PRL 15.80 Decreased By ▼ -0.03 (-0.19%)
SILK 1.05 No Change ▼ 0.00 (0%)
TELE 8.99 No Change ▼ 0.00 (0%)
TPL 7.16 No Change ▼ 0.00 (0%)
TPLP 19.22 Increased By ▲ 0.04 (0.21%)
TREET 21.14 No Change ▼ 0.00 (0%)
TRG 136.75 Increased By ▲ 0.25 (0.18%)
UNITY 16.80 Increased By ▲ 0.04 (0.24%)
WAVES 9.10 Decreased By ▼ -0.05 (-0.55%)
WTL 1.37 Decreased By ▼ -0.01 (-0.72%)
BR100 4,162 Increased By 6.4 (0.15%)
BR30 15,403 Increased By 68 (0.44%)
KSE100 41,602 Increased By 62.2 (0.15%)
KSE30 15,377 Increased By 11.9 (0.08%)
Follow us

LONDON: Glencore and a consortium of banks have started talks with Chad over the restructuring of the country's more than $1 billion commercial debt, according to a letter from the company to the International Monetary Fund (IMF) seen on Saturday.

Chad had in January officially requested a debt restructuring, the first country to do so under a common framework agreed last year by China and other Group of 20 members with the help of the Paris Club of major creditor countries.

Chad's state creditors and the IMF agreed on a restructuring but insist Chad must reach comparable terms with other bilateral and private creditors.

Glencore said in the letter that together with the group of lenders which includes 16 institutions, it was engaging with Chad and their respective advisors in a "constructive and good faith manner" following a request for talks from the country.

"The lender group has held initial meetings with Rothschild & Cie, Chad's financial advisors, and subsequently with the official creditor committee for Chad in the past week to exchange views on Chad's request," the Oct. 15 letter said.

The letter also said boutique advisory firm Newstate Partners had been appointed as financial advisors to Glencore, a Swiss-based miner and trader, and the consortium.

The restructuring of Chad's total debt of around $3 billion, which the IMF has described as unsustainable, is a prerequisite for the Central African country to benefit from further financial support.

Comments

Comments are closed.

Glencore opens talks with Chad over debt restructuring

Oil from Russia: Musadik says there will be no US sanctions

Poor countries’ debt servicing costliest: World Bank

Oil prices slump to pre-Ukraine crisis levels

Anchorperson’s murder: SC directs govt to register FIR

Rs38bn additional taxation measures: Tax Laws (Amend) Ord may be extended for another 120 days

‘Funding’ major challenge to achieve SDGs, says Aisha Pasha

Vegetables: 400 containers stuck at seaport: PFVA

‘NROs given to crooked families’ accounted for mammoth debt: Imran Khan

FIR lodged by Islamabad police

NTDC’s acting chief likely to be confirmed as MD