NEW YORK, June 8 (Reuters) - A group of Belize’s creditors said on Tuesday they will support the Central American government’s proposal for an extension of the grace period regarding a coupon payment the government missed last month. A creditor committee including U.S.-based GMO and Greylock as well as London-based Abrdn, which last week rejected Belize’s proposal, said it reached an agreement with the government’s advisers and intends to agree to the deferral. “The Committee hopes that the new (non-disclosure agreement) will facilitate good faith negotiations based on supportable data and inter-creditor equity, and that the process will ultimately lead to a durable solution to the economic problems that underlie Belize’s debt-servicing challenges,” the committee said in a statement. Belize is looking to stretch out to October 2021 any principal restatement related to the May 20, 2021, coupon payment. The Central American country extended last week its consent solicitation through Friday, June 11, at 5 p.m. EDT (2100 GMT), the ministry of finance said in a statement. The $550 million bond, which traded as low as 32.5 cents on the dollar in the second half of April, last traded at 38.5 cents according to Refinitiv data, up 3.25 cents on the day. The central American country has been hit hard by the impact of COVID-19, with a sharp fall in tourism revenue and a rise in spending. (Reporting by Rodrigo Campos in New York Editing by Matthew Lewis) Our Standards: The Thomson Reuters Trust Principles.
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