ZAMBIA TO PAY LAZARD FERRES $45MILLION FOR DEBT RESTRUCTURING
The Zambian Government will pay Lazard Freres ,principla negotiators of the EuroBind debt restructure an amount of $45million for its consultancy.
Last week, President Hakainde Hichilema announced the success of the $3billion Eurobond debt restructure.
Zambian Government, as advised by Lazard Frères and White & Case LLP, acting respectively as financial and legal advisors, was pleased to announce that following private discussions between March 18 to 25, 2024 with the members of the Steering Committee (the “Steering Committee”) of the Ad Hoc Creditor Committee (the “Committee”), advised by Newstate Partners LLP and Weil, Gotshal & Manges (London) LLP, it has reached an agreement with the Steering Committee on the key commercial terms of a proposed restructuring
transaction (the “Restructuring”) relating to the Government’s bonds due 2022, 2024 and 2027 (the “Bonds”, and the holders thereof, the “Bondholders”).
The members of the Steering
Committee currently own or control approximately 16% of the outstanding Bonds, while all the members of the Committee currently own or control more than 33% of the outstanding.
The Patriotic Front hired Lazard for debt restructure for $5million and the UPND Government will pay $45million.
If this is true, give us the breakdown of the fees and the time-line. Usually, consultants charge depending on the period. So, what were the daily or monthly or yearly agreed rates? What terms did UPND and PF agree with Lazard or Lizard?. In the first place we should never have allowed ourselves this embarrassing situation especially after Mwanawasa cleared the HIPIC!
It was total madness for the PF government to have gotten us in this debt trap so soon after Chiluba and Mwanawasa laboured to have the debt inherited from UNIP government forgiven and written off. Very irresponsible of the PF.
And to imagine they want to come back so they can undo what has been achieved so far in relation to the debt burden. Ba PF, minwe ya bubenshi (they are like termites) whatever they touch crumbles. 1q
JMC whoever you are, I dont skip reading your comments. They are very level headed, well thought of, educative and entertaining. Keep it up!
I second and agree with you Sir. JMC is a “breathe of fresh air” in his comments, unlike one Low Life whose daily comments are so toxic and crass. And the Guy never ever gets tired of stalking his Target daily, as if his Target borrowed Kaloba from him, yaba!!!
Iwee idiot u don’t see what ecl has built here Zambia yet your hh has over borrowed in two years and has nothing to show or point at
A good response! Respect opponents even if their vocabulary robs them of polite behaviour.
Was the contract to renegotiate the debt contracted by the previous government which wpuld mean that the incoming government of Zambia would be bound by the terms of the contract between Lazard and the government of Zambia,, not a political party
“If you elect me as president, I will terminate our association with Lazard”.
Kanshi alekumbwa fye.
Our country is not going anywhere with empty tins and conmen ruling us.
Vote wisely in 2026.
Imagine this President who is now a great liar and great talkative,he was against elc contracting lazard kanshi mambala was kumbeilaline
Mwembwamwe, how much did you pay your thief liquidator who never liquidated anything?
Vote wisely, you will vote alone for criminals