March 20, 2018 / 6:20 PM / a month ago

Mozambique doesn't know how long 'complex' debt restructuring will take: legal adviser

LONDON (Reuters) - Mozambique doesn’t know how long it will take to complete what is likely to be a “complex” $2 billion debt restructuring deal, its legal team said after formally meeting with international creditors for the first time on Tuesday.

The comments were made by Ian Clark, partner at Mozambique’s legal adviser White & Case after the country laid out painful restructuring terms that included a 50 percent write-down on interest and some other payments bond holders were due.

Mozambique’s Finance Minister Adriano Maleiane also dashed hopes that it could offer GDP-linked bonds which would give investors bump-up payments if the country’s economy improves.

However Maleiane said he would meet some of the creditors again on Wednesday to get feedback on the offer.

Reporting by Karin Strohecker, writing by Marc Jones

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