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.
The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photoand 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 seen on Saturday.
"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. Chad was thrown into political turmoil in April following the battlefield death of former president Idriss Deby, while the coronavirus pandemic, attacks by rebels in the north, and delays in financial support, have worsened its economic outlook.
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