BELIZE CITY, Tues. May 11, 2021– The Government of Belize has commissioned a debt management team to engage in negotiations with the holders of Belize’s Superbond with a view to finalizing a restructuring of that massive debt before the May 20 coupon payment due date.
During an extended media interview, Minister of State in the Ministry of Finance, Hon. Chris Coye noted that while a scheduled virtual meeting between him and the bondholders was canceled, the team, led by Mark Espat, is engaged in constant discussions and negotiations on the country’s behalf.
The Prime Minister, Hon. John Briceño, told the media that no member of the team is currently receiving a salary, and that they would be paid based on the outcome of the negotiations — ultimately, how good of a deal they broker for the country.
Mark Espat has been representing Belize in these types of negotiations for over a decade. According to the Prime Minister, Espat is working through Citi Financial Markets.
“Mark Espat is a part of the debt management team. It’s essentially the 2017 restructuring team. We have the Citi Financial Markets. They are the external financial advisors. We also have Lee Buchheit as the strategic advisor, and then you also have Sullivan and Cromwell as our legal advisors,” Minister Coye stated.
Of note, Lee Buchheit has an extensive profile, having worked with some of the most debt-stricken countries throughout the world. According to online sources, “He has worked on debt restructuring among many of the emerging market countries, including Argentina, Greece, and Venezuela.”
Buchheit, known worldwide as some sort of debt guru, is currently working with the Venezuelan opposition administration led by Juan Guaido.