Ecuador Hires Lazard to Advise It on Bond Buyback, Correa Says
Jan. 17 (Bloomberg) -- Ecuador has hired investment bank Lazard Ltd. to advise it on its plan to buy back at a discount $3.2 billion in bonds due in 2012 and 2030, President Rafael Correa said.
Ecuador, which considers the bonds “illegal” and “illegitimate” following a government-sponsored audit, wants Lazard to help the government decide on the exact terms of a restructuring, Correa said today during his regularly scheduled radio-and-television address.
“I’ve known them since 2005, when I was economy minister,” Correa said, speaking of the firm.
On Dec. 12, Ecuador defaulted on its 2012 bond, the South American country’s second default in a decade. The main issue the government has with the debt is its price, Correa reiterated today.
A U.S. team of lawyers continues to prepare a legal defense should bondholders sue the government, Correa added.
“We’ve always known there are risks,” Correa said today.
To contact the reporter on this story: Stephan Kueffner in Quito at skueffner@bloomberg.net
To contact the editor responsible for this story: Fred Strasser at fstrasser@bloomberg.net
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