Zambia Starts Talks With Bondholders Over Standstill Request
- Eurobond holder committee rejected payment holiday proposal
- Zambia has budgeted to pay interest on Eurobonds next year
People shop at an open air market in Lusaka.
Photographer: Gianluigi Guercia/AFP via Getty Images
Zambia has started talks with its bondholders a day after an investor committee rejected the country’s request for an interest-payment standstill, saying it needed more information on restructuring plans.
Dialog has commenced between representatives of some of the Eurobond holders and Lazard Freres SAS and White & Case LLP, which are advising Zambia’s government, according to two people familiar with matter, who asked not to be identified as the talks are sensitive. While Zambia’s Finance Minister addressed creditors in a webcast on Sept. 29, he didn’t allow questions, making this is the first discussions with Eurobond holders since they formed a committee in June.