A key investor group in Ethiopia's sole international bond said on Monday it planned to take legal action after the country's bilateral creditors blocked an initial agreement with the government on how to restructure the debt.
Ethiopia said on Friday it would reopen negotiations with investors on the terms of restructuring the 1 billion bond after the Official Creditors Committee OCC, chaired by China and France, said the draft deal did not meet the Comparability of Treatment principle under the G20 restructuring initiative.
"The Committee of bondholders considers the determination, led by the OCC's co-chairs France and China, to be completely unreasonable," the group of investors said in a statement.
