Orrick Represents Bondholder Committee in Reprofiling of Belize’s Bonds in Response to COVID-19 Financial Pressures


Orrick represented the Steering Members of the Committee on Bondholders that had been constituted to address Belize's request to capitalize payments from August 2020 to February 2021 under Belize’s New York law-governed USD Bonds due 2034. Belize announced on August 10, 2020 that the requisite approval of bondholders had been received in connection with the Consent Solicitation.

The Orrick team comprised Thomas Laryea, Lorraine McGowen and Nell Scott.

Thomas commented: “A number of countries, such as Belize, have faced short term liquidity shocks as a result of the COVID-19 pandemic. The approval of bondholders to Belize’s request for temporary forbearance of bond payments during this crisis period, demonstrates the constructive approach of long term investors and their preparedness to provide time in which Belize can advance its plans to diversify and grow its economy.”