Joint Press Release: The Republic of Côte d'Ivoire - Creditors' Advisory Committee

  • 04.10.2001
Due to previously reported economic and financial difficulties, and since September 30, 2000, the Republic of Côte d'Ivoire has been unable to make payments in respect of the "Brady" bonds issued by it in 1998.

In this context, the Republic of Côte d'Ivoire, with the assistance of BNP Paribas, has formed an Advisory Committee to consider appropriate solutions to be proposed to bond creditors. The Advisory Committee is composed of the following institutions (listed in alphabetical order):

¨ BNP Paribas, Chairman;
¨ FH International Financial Services, Inc;
¨ Grantham, Mayo, Van Otterloo & Co. LLC;
¨ Montpelier Asset Management Ltd; and
¨ Société Générale.

The Republic of Côte d'Ivoire is pleased that the above institutions, comprised of banks, funds and fund managers have agreed to sit on the committee, and that such committee is thus representative of the various types of bond creditors.

The Republic of Côte d'Ivoire has retained Lazard Frères and Cleary, Gottlieb, Steen and Hamilton, to act as its financial and legal advisers, respectively, and to assist it in devising appropriate solutions to its financial difficulties.

The Advisory Committee is advised by White & Case, LLP.

The first meeting between the Advisory Committee and the Republic of Côte d'Ivoire is expected to be held during the month of November 2001.
Press contact(s)
Press contacts :

Michèle Sicard:- 33-1 40 14 70 61
Henri de Clisson: 33-1 40 14 65 14