Debtwire is pleased to present “Distressed debt and special situations: Succeeding in uncertain times”, published in association with MinterEllison.            The ongoing global pandemic has made uncertainty the new normal. While the short-term impacts on global markets and the Australian economy are apparent, the long-term impacts and permanent changes to society and business can only be speculated.   Against this backdrop and without a marker to the finish line, Australian businesses are attempting to steer a course not.

For over a decade, Zambia has focused on stepping up public investment to address its infrastructure issues. However, this has strained the fiscal budget and widened the deficit to 8.2% in FY19 (FY18: 7.6%, FY10: 3.0%), largely on account of accelerated interest payments. In December 2019, the country failed to repay loans borrowed from AfDB and was thus placed under sanctions. The sanction was lifted, after Zambia repaid the outstanding due. To address the distress, the government hired advisors in May 2020, expecting to restructure debt and strengthen.

For over a decade, Zambia has focused on stepping up public investment to address its infrastructure issues. However, this has strained the fiscal budget and widened the deficit to 8.2% in FY19 (FY18: 7.6%, FY10: 3.0%), largely on account of accelerated interest payments. In December 2019, the country failed to repay loans borrowed from AfDB and was thus placed under sanctions. The sanction was lifted, after Zambia repaid the outstanding due. To address the distress, the government hired advisors in May 2020, expecting to restructure debt and strengthen.