Bread: Wheat flour subsidy extended by a further month - Mozambique
Mozambique’s legal and financial advisers in the public debt restructuring process have not met with investors for more than a month, rendering the deadline set by the Government to complete the process unfeasible.
According to the Wall Street Journal, for more than a month the legal and financial advisers chosen by Mozambique to negotiate the restructuring of the public debt – the British companies Lazard Frères and White & Case LLP – do not speak to the investors, although preliminary discussions with banks Credit Suisse and VTB to define the terms of future negotiations are underway.
The US financial newspaper, which cites as sources people familiar with the process, adds that among the largest Mozambican public debt holders, who have formed a committee of bondholders in recent weeks to defend their interests, are mutual-fund managers AllianceBernstein LP and Franklin Templeton Investments, alongside hedge funds Greylock Capital Management, NWI Management and Pharo Management.
The Wall Street Journal article arises at a time when the Government of Mozambique’s deadline for this process is coming to an end, since at the end of October, when a presentation was made to creditors in which the country recognised the inability to pay the debts, the idea was that the debt restructure would be completed by the end of this week.Source: Lusa