Ivorian Banks Consider Offering Discount on SAF-Cacao Debt

Banks in Ivory Coast are considering whether to offer a discount on the debt of failed giant cocoa exporter SAF-Cacao to entice buyers, three bankers involved in the negotiations told Reuters on Tuesday. A court ordered in July the liquidation of SAF-Cacao, the top exporter in the world’s leading cocoa grower, over defaults on cocoa contracts during the 2015-18 seasons, Reuters reported. Banks are ready to offer discounts to buyers if it allows them to recover part of their claims estimated to be around 160 billion CFA Francs ($289 million). They are expected to vote on the proposition next Monday, the sources said. “We have at least two buyers...who could buy back the group with assets and liabilities but they asked us for a debt discount and a repayment step to finalise the buyout,” said the director of one bank involved in discussions. Read more.