Chad

The International Monetary Fund said it was resuming loan disbursements to Chad after the Central African oil producer reached an agreement in principal to restructure its more than $1 billion debt to Glencore and four banks, the International New York Times reported on a Reuters story. Glencore and the banks lent Chad's state oil firm about $1.45 billion in 2014 to be repaid with crude oil cargoes but global oil prices crashed shortly thereafter.
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Chad signed a deal with Glencore Plc to restructure more than $1 billion in debt in an agreement that will help the African nation to avoid a financial crunch, Bloomberg News reported. The review was signed on Wednesday and is a “good outcome” for Chad, Guillaume Foucault, a spokesman for the country’s national oil company, said by phone from Paris. Under the terms of the agreement, the loan’s maturity is extended to 12 years while Chad will receive a grace period of two years, said Foucault.
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Chad is seeking to delay repayment of more than $1 billion of Glencore Plc-led oil-for-cash loans after crude prices plunged, the second time the African country has looked to restructure the debt in two years, according to people familiar with the matter. Glencore has approached the banks that supported the deal to start talks, while Chad has already appointed financial and legal advisers for the discussions, the people said, asking not to be named because the matter is private, Bloomberg News reported.
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