June 4, 2020 / 1:36 PM / a month ago

Ecuador bond holders form creditor committee

LONDON, June 4 (Reuters) - Holders of Ecuador sovereign bonds have formed a committee to hold talks with the country’s government on a potential reprofiling of the country’s external debt, the group said in a statement on Thursday.

“The Committee is representative of Ecuador’s bondholder base and includes holdings across each series of the Bonds,” the statement said, though giving no further detail on members.

The group has appointed BroadSpan Capital LLC and UBS Investment Bank as joint financial advisors, it added.

The Andean country has been buckling under its $58 billion debt burden which has been worsened by the coronavirus crisis. President Lenin Moreno said in May the government would renegotiate its debt load, which would save an estimated $1.3 billion in interest payments. (Reporting by Karin Strohecker; editing by Thyagaraju Adinarayan)

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