Belize bondholders say new superbond proposals not acceptable

MEXICO CITY Tue Dec 4, 2012 3:20pm EST

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MEXICO CITY Dec 4 (Reuters) - Belize bondholders on Tuesday rejected a new offer from the country's government on restructuring its $550 million "superbond".

"While these improved on the scenarios presented by the government of Belize in August, which asked for near unprecedented levels of debt relief, the committee believes they are not yet close to acceptable burden sharing or in Belize's own long term interest," a committee representing bondholders said in a statement.

Belize revised its offer last week after shocking investors with its original suggestion that they take a haircut of up to 45 percent.

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