Ecuador Ploughs On With $17.4 Billion Debt Revamp With Major Creditor Support

Ecuador pushed forward with its debt overhaul plans on Monday, requesting a vote among its creditors on reconfiguring the terms of $17.4 billion of its external bonds, with its largest group of creditors backing the proposal, Reuters reported. Under the proposed deal - unchanged from the government’s earlier proposal - 10 existing bonds maturing between 2022 and 2030 would be swapped for three bonds due in 2030, 2035 and 2040, as well as a past due interest bond maturing in 2030. This would provide debt relief of more than $10 billion over the next four years and $6 billion more between 2025-2030, and deliver a nominal haircut of 9%. Read more