Lebanese lenders hold almost $14 billion of government Eurobonds/Bloomberg
by BloombergLebanese banks are considering setting up a committee that would handle negotiations with the government in case it announces a sovereign debt restructuring.
Lebanese lenders hold almost $14 billion of government Eurobonds, or around half of the outstanding stock and have lobbied against a default. But lawmakers say restructuring is necessary to help preserve the country’s dwindling foreign-exchange reserves.
The government is due to decide on whether it will make a $1.2 billion bond repayment due next week.
Last month, the government hired Lazard and law firm Cleary Gottlieb Steen & Hamilton to help ministers decide whether or not to default on its obligations.
Distressed-debt investors Greylock Capital Management, Lugano-based Mangart Capital Advisors and other bondholders have already formed a group for potential discussions.
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