Belize Superbond Update: Bondholders now talking a

Belize Superbond Update: Bondholders now talking about oil recovery certificates

For months I've maintained that the real reason for the lack of news about Treaty's Belize operations is the GOB's desire to underplay it's assets so that the Superbond holders don't go after it. If you were on the hook for over a half billion dollars, would you advertise the fact that there's a mini oil boom in the making or would you deny, deny, deny while quietly taking in oil revenue once it comes online?

Nonetheless, bondholders aren't stupid. For the first time in the year I've been watching this, do I now see them talking about going after the oil revenue.

What this means to me is that the oil that Treaty pumps out of Belize will probably make it faster to the market than the news.

Creditors and Belize square off on restructuring agreement

Fri Dec 7, 2012 2:02pm EST

http://www.reuters.com/article/2012/12/07/mar...5H20121207

"Bondholders also requested the issuance of GDP warrants and oil recovery certificates, the inclusion of a net present value "reinstatement" clause - though the governments advisers said they were not clear what that point referred to - and the payment of consent fees to creditors."