joanc1963
09-16-2005, 04:21 AM
http://www.iraqupdates.com/p_articles.php?article=2675
London, 16 September 2005 (Financial Times) -- "Iraq is poised to announce Friday the successful completion of the first phase in the restructuring of Saddam-era commercial debt."
"The first phase of the deal, orchestrated by JP Morgan and Citigroup, the US banks, involves about $750m (£410m) of debt owed to the private sector. About 78 per cent of those who had claims on this amount accepted the offer, which will pay them 10.25 per cent of the principle and past due interest. Only about 2 per cent rejected the terms outright."
“We are very encouraged by the results of this first round of offers,” said Ali A. Allawi, Iraq's minister of finance. “Iraq's debt restructuring programme is on track and on schedule.”
The claimants who have accepted the first round of offers include financial institutions, manufacturing suppliers, and construction and engineering companies that are located in Asia, North America, Europe and the Middle East.
“We are gratified with these first results and Iraq will soon be moving forward with additional cash offers on the same terms,” said Daniel Zelikow, managing director at JP Morgan.
“Iraq aims to put the issue behind it by year-end or early 2006.”
London, 16 September 2005 (Financial Times) -- "Iraq is poised to announce Friday the successful completion of the first phase in the restructuring of Saddam-era commercial debt."
"The first phase of the deal, orchestrated by JP Morgan and Citigroup, the US banks, involves about $750m (£410m) of debt owed to the private sector. About 78 per cent of those who had claims on this amount accepted the offer, which will pay them 10.25 per cent of the principle and past due interest. Only about 2 per cent rejected the terms outright."
“We are very encouraged by the results of this first round of offers,” said Ali A. Allawi, Iraq's minister of finance. “Iraq's debt restructuring programme is on track and on schedule.”
The claimants who have accepted the first round of offers include financial institutions, manufacturing suppliers, and construction and engineering companies that are located in Asia, North America, Europe and the Middle East.
“We are gratified with these first results and Iraq will soon be moving forward with additional cash offers on the same terms,” said Daniel Zelikow, managing director at JP Morgan.
“Iraq aims to put the issue behind it by year-end or early 2006.”