Barbados' creditors are gearing up for debt restructuring talks as the government advances discussions with the IMF over a potential financing package, LatinFinance reported. Newly-elected Prime Minister Mia Mottley and her administration, along with financial advisors White Oak, are expected to continue meetings with domestic creditors and their advisors over the next few weeks, a source familiar with the proceedings has said. "Creditors have shown an understanding for the Government's resolve to place the public finances on a sustainable footing, but a lot hinges on whether the Caribbean island can secure funding from the IMF," the source said on Thursday. An agreement-in-principal with the multilateral agency could surface as soon as this August ahead of a signed pact in September. Barbados' external creditors could face up to a 50% nominal haircut in the event of a restructuring, according to Stuart Culverhouse, head of research at Exotix. Read more.