A creditors group wants Cuba to begin talks on more than $1 billion in unpaid commercial debt from the 1980s — a key hurdle if the country ever hopes to attract large-scale foreign investment.
Signaling the seriousness of its intent, the Cuban London Club creditors committee has retained high-powered American attorney Lee Buchheit of the Cleary Gottlieb law firm.
Buchheit, who is well known for international debt restructurings such as the one for Greece, said Cuba “will need to clean those Augean stables” before major investors will consider putting money into the island.
Julian Adams of Adelante Asset Management, head of the ad hoc London Club Committee of investors who own defaulted Cuban debt, said creditors prefer a negotiated settlement. However, if that does not happen, they could resort to the courts. Measures they could pursue include seizing assets and interrupting Cuba’s international payments and trade.
Adams said the committee put “a good …