Glencore in talks with Chad over debt restructuring

Financial support: A woman walks past the International Monetary Fund headquarters building in Washington. It has agreed on a restructuring for Chad’s state creditors but at comparable terms with other bilateral and private creditors. — AFP

LONDON: Glencore and a consortium of banks have started talks with Chad over the restructuring of the country’s more than US$1bil (RM4.16bil) commercial debt, according to a letter from the company to the International Monetary Fund (IMF).

Chad had in January officially requested a debt restructuring, the first country to do so under a common framework agreed last year by China and other Group of 20 members with the help of the Paris Club of major creditor countries.