Ivory Coast repays

The Republic of Cote D'Ivoire has signed a debt restructuring deal worth US$6.8bn, with its foreign creditors who were represented by a team of lawyers from White & Case's Paris office. Paris-based partners John Riggs and Paul Biensan acted on the deal, assisted by two associates, Mark Richards and Anne Ledcrer. The team advised the creditors' steering committee on what has been described as a particularly complex transaction. The deal consisted of the repurchase and cancellation of 30 per cent of the country's external commercial debt at a discount. The remaining 70 per cent of the debt is to be exchanged for partly secured bonds issued in French francs and US dollars, which are listed on the Luxembourg Stock Exchange. Bonds have been issued in exchange for past-due interest on the principal. The closing of the deal is scheduled for this autumn.